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Question ID : 40587

ACCEPTANCE OF LOAN IN CASH

X AN INDIVIDUAL CARRY ON BUSINESS OF CONTRACT WORKS. HE FILED HIS RETURN FOR FY 2017-18 U/S 44AD. NOW IN FY 2018-19 THE SAME BUSINESS IS CONTINUED AND HE WILL BE FILING RETURN U/S 44AD. BUT IN FY HE HAS TAKEN A UNSECURED LOAN OF RS 5.00 L FROM HIS FRIENDS, BUT THIS LOAN IS IN CASH. SO THE ACCEPTANCE OF LOAN ATTRACTS TAXATION LIABILITY U/S 269SS. (ACCEPTANCE OF DEPOSIT OR LOAN IN CASH IN EXCESS OF RS 10 K) , WE WILL ADD THE LOAN AMOUNT TO HIS INCOME. BUT MY QUERY IS IN WHICH HEAD THIS LOAN TAKEN IN CASH WILL BE ADDED. BECAUSE HE IS NOT FILING 3CD AS THE BUSINESS IS DECLARED IN 44AD. SO HOW THE ADDITIONS FROM 3CD WILL BE INCLUDED IN HIS RETURN OF INCOME. IN FY 2018-19 HE HAS A TOTAL BUSINESS RECEIPT OF RS20 L AND NP @ 10% IS RS 2.00 L + UNSECURED LOAN OF RS 5.00 L = 7.00 L IS HIS TAXABLE INCOME. PLEASE GUIDE HOW TO SHOW THIS 5 L IN HIS TOTAL INCOME IN THE RETURN SO THAT THE QUESTION OF ADDITION U/S 269SS WILL BE TAKEN CARE OF ASSESEE HIMSELF

posted by pradeep kumar agrawal on Feb 29 2020 12:00AM

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