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Dear friend please give me Valuable opinion on following metter
Capital of MR A 500000.00
Unsecured loan 200000.00
If Mr A want to increase his capital threw unsecured loan than what will be penalty in income tax act as well as other act
Now Mr A show his capital in the balance sheet as (own capital 500000.00 and unsecured loan 200000.00) Rs.700000.00 with out showing unsecured loan
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Dear Nazim,
There is no penalty if one increases his unsecured loan through genuine sources and is establish the same before the Income Tax Authorities.
Please let me know if there is any other view. Further, I would request you to post the same in query section as that would enable you to get replies at a more quick reply |
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yes , there is no penalty |
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Yes i m agree with CA Subhash Kr., There is no penalty on Increase in Capital by geniune way. Plz keep in mind that any unsecured loan is taken by Asseessee is by only Crossed Cheque and DD |
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yes this is right answer |
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I tottaly agree with Mr. Ashish's reply, No penalty in this case.
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e-Filing Income Tax |
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There is no panelty in increasing the capital through unsecured load but it should be taken through crossed cheque or DD not in cash from genuine source. |
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See what happen whenever this type of planning is done then it is better to show the entries like.
Unsecured loan dr
to capital of Mr. A
It means u have paid the loan
&
there is no penalty |
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Govt has launched new pension scheme for employees. What will be the treatment of Govt contribution in new pension scheme.Whether any rebate is admissible,Whether govt contribution will be added in income.Pls guide |
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Please share from where I can get ICAI Tax Suite Software? My software is corrupted now, and want a fresh copy to download. |
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Tax Suite – Software Freely available just click on the below link and get your copy immediately:
Link: http://icai.taxsuite.in/subsinfo.htm?mid=00000 |
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I AGREED WITH ...NO PENALTY IN THIS CASE....AND NO PENALTY PROVISION ON THAT CASE... |
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YES, i also agree with if any assessee increases its capital with guniune way there is no any penlaty and also same in other law |
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Agreed with no panelty if any assessee increase its capital with guinine way there is no penalty on that case of Income Tax. |
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