Hi Sir / Madam,
I have given a loan to a friend. He gives me Rs.3 lakhs per month. Now Can I show that amount in my business account in ITR-4?
For example;
Gross Receipts = Rs.36 Lakhs (3 Lakhs × 12)
Net Income = Rs. 2.88 Lakhs (36 Lakhs × 8%)
Please resolve my doubt.
Thanks in Advance
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Income Source
Replies (7)
You can show under other sources
Why Can't Show in Business account?
Is it for business purposes?
No sir, as usual only.
So it's not come under business income
Sir, Is there any other way to escape this income without paying tax?
There is no other way to escape this income without paying tax.
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