Menu
Taxability of receipts
I have received Rs5 lakhs from my friend which he returns as repayment of unrecorded loans taken since long back.Will it be treated as my taxable income.
Replies (2)
Yes. It will be treated as income as per income tax laws. Reason, as it has not been considered in the books, neither as income or otherwise earlier.
No, this money was earlier shown in itr.
repayment of that loan received is not considered as income.
repayment of that loan received is not considered as income.
Recent Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
