Need some information about income on application
I need some information and help on this matter.
For example, as per income tax return yearly income is PKR 8.4 million, which is monthly PKR 700,000. But every month I can't transfer this much amount to my personal bank account. Because this money is used in my business bank account for more investment.
I just transferred PKR 300,000 to my personal bank account every month for my exclusive use. Now, which income should I put in the UK visa form? While applying for a UK visit visa, is it fine to show a monthly income lower than the income stated in the tax returns documents?
Best Answer
If you are submitting tax returns, then your income should show what is shown in the tax documents.
Clearly, there is some other official statement indicating your position and salary; submit this document as well.
Now, which account it goes to and how you distribute funds is your business. You need to show a clear path from:
[a] income you state
v
[b] proof of legitimate income
v
[c] proof that you have access to this income and
v
[d] that the costs of the trip are not a financial burden on you
I hope this clarifies the matter.
Don't ... I repeat ... don't .... borrow money or pad your account to show a specific balance. Doing so will almost guarantee your application getting rejected due to deceit or fraud.
This practice of padding accounts to show a balance is called funds parking.
Pictures about "Need some information about income on application"
What should I put for annual income?
Annual income includes:- Wages, salary, overtime pay, commissions, and tips or bonuses before deductions.
- Any social security, retirement funds, or pensions.
- Welfare or disability assistance.
- Court-ordered alimony or child support payments.
- Net income from operating a business or a second job.
What is your income?
Annual income is the total amount of money you make each year before deductions are taken out of your pay. For example, if you're paid a $75,000 yearly salary, this is your annual income, even though you don't actually take home $75,000 after deductions.What is net income on application?
Generally speaking, your net income is the amount of money you bring home in your paycheck after taxes, health insurance premiums and retirement contributions are taken out.What happens if you lie about your income on your application?
If you knowingly lying on a credit card application, means you are committing a crime known as loan application fraud. Here's the deal: Loan application fraud is a serious crime that carries hefty penalties. If you are convicted of the crime, you can face up to $1 million in fines and thirty (30) years of jail time.What Income Should You Put On A Credit Card Application?
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Andrea Piacquadio, cottonbro, Anete Lusina, Dziana Hasanbekava