Over declaring income for the purpose of a loan

269 views 3 replies

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

Replies (3)
Over declaration of income have no negative consequences as providing higher income is not a crime. However, it is better to declare proper income.
It is not called over declaration it is called projection . It is mainly done I case of huge projects.
The query is completely different

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
16 July 2026
Manager - Finance & Accounts

Aliens Group

Hyderabad

CA Final

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details