Myself and wife are the directors of a private limited company (50% shares each).
Recently we applied for a home loan at Axis bank. We had submitted our individual ITRs, individual computation of income for the last 3 years. Plus we submitted the company audit reports for 3 years (that contained the Profit & Loss statements and the Balance Sheet).
The bank came back asking for the computation of income statement for the company for the last 3 years. My Chartered Accountant says that computation of income statement is not prepared for the company but is for individuals only.
However, the bank insists that computation of income statement for the company is mandatory. Without which they can't process the loan application.
Do the chartered accountants prepare computation of income statement for the company as part of the annual process? Is it a mandatory financial statement ?
Really appreciate advice from the experts. I am held between the Chartered accountant and the bank authorities.
25 February 2014
yes, computation is normally prepared for companies also, same can now also be prepared on the basis of ITR-6 filed for the company 9811274429
25 February 2014
U can yourself prepare it on Income Tax site by feeding the amount frkm ur ITR. Need any help in making a computation of Income do let me knw.
27 February 2014
Filing of tax return in case of company is mandatory and prerequisite for the same is computation of total income. If you have filled your ITR6 , then computation of total income can be reproduced in excel sheet from there.
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