Income Source

SELVA (Tax Consultant) (136 Points)

10 March 2021  
Hi Sir / Madam,
I have given a loan to a friend. He gives me Rs.3 lakhs per month. Now Can I show that amount in my business account in ITR-4?

For example;
Gross Receipts = Rs.36 Lakhs (3 Lakhs × 12)
Net Income = Rs. 2.88 Lakhs (36 Lakhs × 8%)

Please resolve my doubt.
Thanks in Advance