Can Income Tax Return be considered as proof of economic transaction?
Hii friend..... Yes the Income Tax return can be considered as a proof of Economic Transaction. It is proof of Income and the Income is made of many transactions so can be used as proof of Economic transaction. This Return can be used in case of Loans to prove your Income because this Incomes shows your Repayment capacity in case loan. **So ultimately yes Income tax return is a proof of Economic transaction.** Regards,