Regarding illegal assets.
Sreenivasa Rao. S.
(Querist) 29 May 2013
This query is : Resolved
Dear Experts,
One common man has earned assets value 2 cr by lending money for huge rate of intrests, by pledging properties of the borrowers.He is earning nearly 2 to 3 lacks per month in the shape of intrests routing through his SB and current accounts.He is doing chits business with huge agents commission.Earning rents 1 to 1.5 Lacks per month. His wife also does the money lending business without any licences, they behave rudely with the barrowers if he dont pay the intrest in time.He never declares this income in income tax, for the past 5 years he is doing such business.
Please let me know wheather any license is required for doing such lending business, chits business.If I lodge a complaint with IT viglence what reaction will be there from the IT department.
ajay sethi
(Expert) 29 May 2013
lodge complaint with DIrector Anti Evasion at address mentioned in IT department website . for money lending you need a money lender license .
Rajendra K Goyal
(Expert) 29 May 2013
Agreed with expert Ajay Sethi. License for money lending and chits is necessary. All earnings are to be shown in IT return as per requirement of the IT Act.
Raj Kumar Makkad
(Expert) 30 May 2013
He is required to show his income in income tax return otherwise his income shall be treated as black and then he should be ready to face its consequences.
