no income tax asses

Querist : Anonymous (Querist) 04 August 2010 This query is : Resolved
a person who is not an income tax payee dealing money lending and real estate business lending a hand loan of of more than2 lakhs not paying regular income tax return can give a hand loan of more than 2 lakhs

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s.subramanian (Expert) 27 August 2010
He can give hand loan of any amount. But when it comes to the court for recovery only the problems will start. At best he can be proceeded against by the iNCOME Tax officers for concealment and suppression of taxable income and tax and penalty will collected from him.

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