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
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..
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.