Detail of loan in itr
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2016
Dear all,
I am running propriatory firm and for personal purpose i have taken the loan Rs. 5 Lakh from my relative.. please confirm will i have to show this pursonal loan in ITR or not....
Regard
Kapil Gupta
I am running propriatory firm and for personal purpose i have taken the loan Rs. 5 Lakh from my relative.. please confirm will i have to show this pursonal loan in ITR or not....
Regard
Kapil Gupta
31 March 2016
Balance Sheet of Business and Personal Should be separate. If loan taken for personal purpose then it should disclose in personal balance-sheet and in ITR generally you have to disclose your business balance-sheet (if not covered under tax audit).
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2016
Sir i think in ITR we Need to show business balance and income sourses not personal loan & balance sheet
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