Regarding filing IT returns

Mam i am working from 2013 and i have not yet filed it returns as I did not had any assets or deduction to show. 2015 -16 year i had some financial constraint where I borrowed money from my friend which was deposited in my salary account. Now I want file my tax returns and I don't how to start about.. how to declare this money as borrowed and exempt from tax. 
Kindly guide me how do I proceed.
Thank you.
Asked 3 months ago in Income Tax from Bangalore, Karnataka
Dear Sir/Madam,

Youbdont need to show this money in your ITR. We can help you in filing your ITR.

Please feel free to reach us at caabhishekdugar@gmail.com
Please feel free to call/ revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Caabhishekdugar@gmail.com


Abhishek Dugar
CA, Mumbai
766 Answers
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You cannot show this amount in ITR as there is no need to show the same.

Further, your bank statement does not go with the return. This may need to be produced if your case gets picked up for the Assessment.

However, you can explain this to tax officers that this is a loan from your friend. Conservatively, you can prepare a gift deed.
Abhishek Dugar
CA, Mumbai
766 Answers
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I am sorry...gift deed is applicable in the cases of gift. As it is loan you don't need to prepare gift deed. 

You can file belated return. Form 16 is enough for filing return of income if you have only income from salary.

Bank statement is needed to see your income, it does not go with the return.
Abhishek Dugar
CA, Mumbai
766 Answers
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Hi,
how much money you have taken from your friend.
1)if the  money has been taken as loan and  intention to repay that amount are there. then you can get it written  stamp paper that he has given the loan to you and you will repay that amount in near future. to have a proof that it is not your income but you owe that amount from your friend.

2)only if the amount is less than Rs 50000/- then it is not taxable , it can be considered as a gift from a friend and you can have a gift deed written on a plain paper with two witnesses signing it.

it does not make a difference that the amount is being transferred to your salary account, as now you are liable to give details of all your bank account.

draft of gift deed:
GIFT DEED

KNOW ALL MEN BY THESE PRESENTS that I, _____________ S/o Sh.___________ r/o ____________________, transfers voluntarily, CASH OF value of which is Rs._____________ (Rupees_____________ only) to my SON/HUSBAND/SON IN LAW / Friend SRI.____________ S/o of Sh._________________ (hereinafter referred to as "the donee") To Hold the same to the donee absolutely forever. I further declare that the said gift has been made by me out of my natural love and affection for the donee and the same has been accepted by the donee.

IN WITNESS WHEREOF, I have executed this deed this ________ day of __________.

Witness:






1.




DONOR




2.




DONEE



I, SRI. ______________, the donee hereby accept the gift.

MODIFY THE FORMAT SUITABLY BY ADDING THE AMOUNT AND CHEQUE/ D D NOS'
Vishakha Agarwal
CA, Bangalore
213 Answers
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In case of salary there is no provision to declare borrowed amount. You can file return declaring your salary income and file returns. There will not be any problem
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Dear Sir,
Since you are a salaried employee, you please declare your salary income in the return Form ITR1 (assuming there is no other income). we also assume that the loan transaction has been done through an account payee cheque or by any mode other than cash. If so, you don't need to disclose the loan amount in your return. if department ask for the same then you show your transaction.
Regards
CA. Sachin Sinha
9891315840
sachin@psc.co.in 
Sachin Kumar Sinha
CA, New Delhi
14 Answers
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Hello Sir,

It is advised to visit a professional in your vicinity who may assist you with the whole procedure of making a Gift deed to filing your IT Returns. Any mistake in doing so will unnecessarily invite complications.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
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