no income tax asses

Querist : Anonymous (Querist) 04 August 2010 This query is : Resolved
a person who is not an income tax payee dealing money lending and real estate business lending a hand loan of of more than2 lakhs not paying regular income tax return can give a hand loan of more than 2 lakhs

Follow Query

Report Abuse

s.subramanian (Expert) 27 August 2010
He can give hand loan of any amount. But when it comes to the court for recovery only the problems will start. At best he can be proceeded against by the iNCOME Tax officers for concealment and suppression of taxable income and tax and penalty will collected from him.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries

Harrasement and metal agony from husband
Applicability of po act
Nps to old pension scheme
Suit filed by heirs claiming ancestral property
Hindu succession query
Application for final decree after preliminary decree
Application for final decree after preliminary decree
Application for final decree after preliminary decree
Claiming ownership of the motor vehicle of a deceased person
Company name struck off by the registrar of companies

Consumer / contract dispute
Regular matters
Request for second opinion in bar council proceedings
Reinforcing rule-based adjudication in proceedings
Awaiting the shrewd advocate's answer.
Pl. check for legal accuracy
Legal notice used for harrasment
Is advocate guilty?
Advocate�s duty to justice apply to the pre-litigation ?
Legal opinion on baseless legal notice and law