Income tax advise


Dear Sir,

 

 I am Agricalturiest & i have received loan from bank against agricalture foods mortgage to bank of Rs.50 lac but this loan received behalf of 25 farmer. this 25 farmers their goods keep in werehouse this goods morgage to bank  but bank loan transfar  to my saving bank a/c then i withdrawls this amount & give anthoer 25 farmers so how to show my saving bank a/c 

 
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Advocate

IT APPEARS THAT loan amount is received in your individual name  . You have to keep your record to  show that you are in possession of goods /farm products  on behalf of 25 farmers  and purpose why the goods were kept with you  and you should get authorisation from these farmers to raise loans on their behalf  and mode of repayments of such loans .  You have to disburse the loan to these farmers by cheque  and when you repay the loan then  either ask the farmer to pay amount directly in your loan account and. you pass a journal entry to that effect and reduce loan amount  accordingly . Or alternately  you receive the repayment of loan from farmer by cheque in your name and then repay the bank loan account..

Thanks

 

 
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Dear Sir

Due to mis management of my advocate the income tax return not regularise,means he not file 2010/2011 f/y return,what steps i take on this issue sir please suggest me.

 
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Advocate

you can file return belatedly and pay taxes  so you will not  be liable for any concealment of income.though your return is invalid or non est  return and ITO will file the return without any action  or regularize the return by  issue of notice us 148 of I T Act  for escapement of income and scrutinise the income and  verify correctness of same.

 
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