Hello!
i have 2 question with regard to Income Tax, please give your suggestion:-
1. am earning through tuition and house rent for the last few years but never filed the income tax return as payment mode was in cash and any one of the tenant needs a rent receipt for income tax purpose, now the income from both the sources are in the tune of 4-5lacs p.a. (excluding maintenance and other expenses ) so i would like to know do i need to deposit the cash in bank on a monthly basis or i can file the return without depositing the cash!
2. i have given some cash to family relation (NO LOAN) just on a relationship but now the relative wants some LOAN from me on a nominal interest rate and the amount will also cover up the cash given to him previously. To avoid better understanding the previous one was 10lacs and now he wants 10lacs more and will enter with me a legal contract of loan of 20lacs and will make the payment monthly via cheque so i want to know from you since the previous payment was in cash and the current one can be mix like cheque + cash so please suggest should i proceed or i can be in trouble with Income tax as all the 20LAcs in my saving only.
Needless to say that if i entered in to the contract then the regular ITR will follow for the financial year it belong.
thanks in advance for your reply.