TaxTMI 
TaxTMI 
One Mr A has advanced an Unsecured loan of Rs 7.00 Lacs to M/s XYZ, a prop firm owned by the father of A in the FY 2005-06. In the FY 2006-07, the firm XYZ has repaid 4.5 Lacs and again took 2.00 Lacs from Mr A. However in the personal IT return of Mr A, these entries are not reflected due to omission on the part of Mr A? What is the remedy available to Mr A?
Unsecured loan
15 Sep 2008 
2 Replies 
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Unsecured loan disclosure: revise accounts and file a revised return or disclose later to regularize omission and ensure tax compliance.
Taxpayer omitted unsecured loan and repayments from personal tax filings; remedy is to revise profit & loss and balance sheet to record interest and loan movements and to file a revised income tax return if needed, ensuring tax on interest is paid and cash transaction compliance is observed. (AI Summary)
Taxpayer omitted unsecured loan and repayments from personal tax filings; remedy is to revise profit & loss and balance sheet to record interest and loan movements and to file a revised income tax return if needed, ensuring tax on interest is paid and cash transaction compliance is observed. (AI Summary)