V
Vh
Have taken personal loan. The money got credited to my bank account.
Income Tax department may consider this as Income and tax it. How to prevent this?
What to write in ITR?
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Hi, It is a loan taken by you and not earnings hence it can't be added in income. However you should keep the necessary loan documents like sanction letter, loan agreement with you so that you can prove this if any inquiry or question is raised by the Income Tax department.
Secondly if you are a salaried person, there is no need to declare this in your ITR. If you are having business, you can show this as a loan in your financials if the purpose of the loan is for business
No, this will not be treated as a loan. If you receive any query then you have to give the explanation that the amount received is a loan.
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Alagarsamy Duraisingh
Hi, I'm looking forward to start a new construction company in Tamilnadu. Which one is better to start partnership or private. Is there any site available to check the name availability when before registering partnership firm and private firm.
Private limited is better due to lower rates of taxation. You can check the name availability on MCA website. You can also consult us on 98806 10887
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Sumit Das
Can a llp firm partner do a job in other company?
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Mohammad Rafiq
Can firm takeover partners personal housing loan and make payments by firms accounts
The firm can takeover the loan along with property and the difference will be treated as Partners contribution. For more information, you can connect with us at ca.pujasharma@outlook.com
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Suresh
How to filled with it return last times i can filled it return without balance sheet directly filled with clear tax app but currently iam not doing job lesser income gained by previous how to file with balance sheet
Please contact at +91-9911744028, will assist you in filing your return.
CA Puja Sharma 24 Mar 2021If you are aware of the income tax forms then you download a form form income tax portal, fill the same and upload it from your portal. We can also help you with this filing. You can connect with us at ca.pujasharma@outlook.com
CA Naman Maloo 29 Mar 2021If you need assistance with filing of income tax return click here to book consultation: https://www.taxontips.com/income-tax-return/
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