About borrowed money

Question

If i have borrowed 10 million rupees to my fried through bank transaction. And this money came to my bank account as a pension from my deparment on my retirement . My friend has returned back to me all the amount in cash with in the same year, where should i show this money in my fbr filling .and can my friend should pay the tax for that barrowed money or he should show this in fbr filling.

Answer 1

If you have given loan and taken back in same financial year, then there is no need to report that. Loans are not taxed only profit on debt is taxed. You had to show the amount inside retirement (salary) and will be in cash at closing (if was cash on June 30).

Comments

Any  reference please., as per rules.

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Reference for what? My answer is based on the information you provided along with your question.

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Dear Madam . May be i could not explain my queastion well so i repeat it again .
****I have given some money like 1 million to my friend through bank pay order and he returned me that money in form of hand cash. Now what question is that the money which i have given to my friend has been gone from my  bank account . Now when i will get cash of 1 million back , of course i will mension this cash in fbr filing in the code cash in hand . So now fbr can ask me about the sourse of this money or may be impose some kind of tax on that money by considering it as income. So i am asking that how can i mention those transactions  in FBR filling so that FBR will not ask me any question.