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 I need Tax Id Number but not sure what kind or how to obtain one, got an answer for me?
Farmers market sell garden and baked goods without taxes but all other goods need Tax Id Number, What kind of Tax Id Number do I need for this?...


 Can we both file head of household since we each have a kid and are unmarried?
My boyfriend and I live together. We have 1 child together and he has 1 child from a previous relationship. Whats the best way to file to get the most money back? I worked all year and made the ...


 How much will a person take home from £26,000/year?
PAYE salary.

After taxes how much will a person take home monthly/weekly if their salary is £26,000 per year?

Thank you!...


 Are taxes good or bad?
For a school project I have to write a pursuasive essay about my views on taxes. It would really benefit me if I could get a few oppinions because I really am no tax expert. If you decide to help ...


 I heard their is a way not to pay social security?
Does anyone know how i can do this. I heard that the process is long and tedious but i want to do it. and if you do know how, do you know if thier is ...


 Who do i ask about a shop whose not passing on the new vat?
who do i ask /report a shop to whose not dropped their price due to the drop in vat on goods, as their excuss is they never put their prices up before, yet their prices on a fair amount of goods ...


 I got my Stimulus Payment Today, but not all of it? Will it come later today???
I am married and have to Qualifying children. And my accountant said we were getting back 1800, (600 for Me, 600 for my husband , and 300 for each kid.)
Today is the day the IRS Website said it ...


 Can my husband cash our stipend check without my signature?
...


 Which bank have 1000 branch in india?
1.icici
2.sbi
3....


 How long does it usally take to get you tax back?
...


 Is it better to claim 0 or 4 dependents on your paycheck or at the end of the year??
...


 Can I file taxes with ssi benefits?
Can I file for taxes and only receiving ssi benefits?...


 Child support and taxes?
If my ex is paying child support, which of us is being taxed for it?

Would the child support money come out of his pay before or after taxes? Or would the child support be taxed as a part ...


 Do i pay income tax on compensation payments for a traffic accident?
...


 Trading on ebay and paying tax?
I have been trading on ebay for roughly a year and bringing in quite a bit. I have only just found out that i should be paying tax. What do i need to do? I havent kept many receipts etc to prove ...


 Employers not taking out taxes?
I believe that my employer isn't taking any taxes out of my check and that I'm not getting paid minimum wage. I work in a small restaurant as a tipped employee. For the last six months I&#...


 Tax question?
If I were to claim excempt for a month can that mess me up when I do my taxes? I worked all year long?
Additional Details
What about if you claim excempt the 7 months?...


 Can I collect unemployment while on severance?
...


 What does it mean when someone wants to put a lien on your property?
I am trying to sell my trailer and have a buyer but have not seen any money yet, they said they want the deed in order to put it in their name but to put a leen on my trailer. I have no idea what it ...


 Can H&R Block just do state returns if I already did my federals online through TurboTax?
I have already done my federals with no problem whatsoever. But for states, I'm having a problem with the Form 1-NR/PY since I moved from MA to KY. It just keeps getting rejected. I just want to ...



rakesh singh
If I take some money as loan from my friend for few year, will I be counted in my income tax.plz help me out?

Additional Details
i am an indian citizen
                     
 




N.J.Reddy.
Loans taken/obtained are not part of income and no income tax on that amount. But the person giving that loan to you must be able to explain the source of funds.(If asked by IT people). If the loan is small amount forget it. If you want to show the loan in your account it is better to take the amount through account payee cheque and return the same in same manner.

If you need further clarification or help, please contact me neswarareddy@yahoo.com (for Free advise).


alma
Rating
Loans aren't income because you have to pay them back.

If you want to be sure, call the IRS.
Live Telephone Assistance
Call 1-800-829-1040


apurav a
No loan taken from a friend is not taxable in income tax
Money taken is taxable if it is in the form of a gift


Sandeep
No, Loan taken from anybody is not a part of income and u need not to pay tax on that but u should disclose this in ur IT return that u have taken a loan from your friend and tell ur friend to disclose the same in his return that he has given a loan to u. so that u will be able to show the cash inflow for the reason u have take that loan. U can also consult a good tak consultant for the same for further clarification.


wolfmantex
Rating
As far as I know, Nope... Unless we're talking a LOT of money, in which case, the government gets involved...

In the states, the limit is about 10 grand...


sahil
if u will do bussiness from that money u will counted in income tax and if u make any thing from that money as gold or home u will not counted


scfd524
no loans are not counted as income because technically you're paying the money back


shariq
You will show this amount in your income tax return and your friend will also show this amount in his return.


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