Unsecured loan treated as income? Why such loans need strong paperwork to avoid tax trouble
Unsecured loans can quickly turn into a tax headache if documentation is weak, as one recent case highlights. Tax advisory platform TaxBuddy has decoded how a legitimate unsecured loan was treated as income, triggering a hefty tax demand. The case underscores why proof and paper trails are critical when dealing with unsecured borrowings.
Unsecured loans can quickly turn into a tax headache if documentation is weak, as one recent case highlights. Tax advisory platform TaxBuddy has decoded how a legitimate unsecured loan was treated as income, triggering a hefty tax demand. The case underscores why proof and paper trails are critical when dealing with unsecured borrowings.
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