Income tax
Naga
(Querist) 11 December 2013
This query is : Resolved
my friend given 9 lakh rupees to one person for interest on Pronote .he is not fulfill his promise . can we file Recovery Suit in
Court.
But My friend Till date Not file income tax
If we File case on Court , any problems Faces from Income Tax Department ?
V R SHROFF
(Expert) 11 December 2013
yes, can file recovery suit in court on ro note.
I tax is separate issue, and CA, or your Tax consultant will take care of it.
Income is different from Loan//
u may show and declare u collected from ur brother or sold gold or .... so on. as per CA advise
Rajendra K Goyal
(Expert) 11 December 2013
Recovery suit can be filed on the basis of pronote.
If the amount given was not as per IT provisions, and was black money, tax law is attracted.
Naga
(Querist) 11 December 2013
How much Tax payble , If any Problem rise from IT department ?
Vineet
(Expert) 12 December 2013
when was the loan given.
If prior to 31-3-2006, no income tax liability can be casted on the person. For a later date, he has to explain source otherwise the loan will be treated as unexplained investment in his hand. If it is cash loan, provisions of section 269SS will be applicable in the hands of loan recipient.
Tax liability will be as per applicable tax rate for the year in which loan was given. Plus there will be interest and penalty which may go upto 300% of tax liability.
R.K Nanda
(Expert) 13 December 2013
nothing more to add.
R.K Nanda
(Expert) 13 December 2013
nothing more to add.
