Needless to say, under declaring income to evade income tax is a crime. But, what would be the consequences of over declaring income just for the purpose of being eligible for a loan. This is what someone wants me to do. He would like to show his income higher than what he actually earns just so he can apply for a loan for a vehicle. What would happen if this were done? He has his own relatives with businesses who will help him with necessary salary slips etc.
Thanks,
Neeraj
CAclubindia
