For the purpose to increase turnover if we go making invoice big value to sister concern ( same family business) can we consider as revenue recognised?
05 April 2012
You will be caught by RELATED PARTY DISCLOSURES (internationally known as TRANSFER PRICING). . Moreover, fake billing will liable to penalty under Income-Tax Act. . Many times; LOAN CONSULTANTS give such type of advice to the clients and ultimately TAX CONSULTANTS have to bear a lot of exercise which ultimately is SHIFTED to the clients in the form of HIGH TAX AND PENALTIES.
05 April 2012
It would be better to introduce yourself as a partner in one existing partnership firm or a Director in a company which has HIGH TURNOVER. . After sanctioning of loan; you can retire/resign.
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