Loan transaction
afreen shaikh (169 Points)
25 June 2016
please guide me how to to prove genuineness of loan transaction in income tax
1 Replies
CA Gyati Gupta
(In Practice)
(9357 Points)
Replied 25 June 2016
The loan should be disbursed in the borrower bank account and the proceeds from such loan should be applied towards the required purpose i.e. the transaction should be routed in such a way that the bank account should reflect the correct application of funds. The funds should be disbursed to say the supplier of material (in case of cc), or to the supplier of palnt and machinery (in case of Term Loan Facility) etc.
Recent Topics
- GST Registration for Service Providers
- Tax for individual freelancing service providers
- LUT Number confusion! ARN or Reference Number
- Section 44ADA Query - 75 Lakh Limit Clarification
- GST on Rent RCM
- Clarification on GST Credit Note Rejection and Ret
- ITR filing as representative capacity
- Conversion of Inherited and Acquired Agricultural
- Is TCS applicable on sale of used car by a Compnay
- HSN wise data in GSTR 1
Related Threads
CAclubindia
