Hi,
I am a partner in partnership firm and draw salary/interest from it.
I have taken a loan of 10L (car loan + personal loan).
Do I need to mention about loan in income tax returns of mine or firm?
My income is about 3-4L per annum (all drawn from firm).
Yes, loan will have to be disclosed in the IT returns of the firm. In your case, the loan is not an income, because you will repay the loan back to the firm.
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The loan is not taken from firm. It is personal and car loan taken from banks for personal needs, not related to firm in any manner. Originally posted by : Mihir |
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Yes, loan will have to be disclosed in the IT returns of the firm. In your case, the loan is not an income, because you will repay the loan back to the firm. |  |
You only have to show it in your personal B/S and P&L statement, and maintain records of these loans. No need to disclose it in your IT returns.
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