Computation of income statement for pvt ltd company

This query is : Resolved

Prasanth (Querist)
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25 February 2014 Hello Experts,

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.

Prasanth

CA Kedar Sakhardande

CA Kedar Sakhardande (Expert)
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25 February 2014 Normally your ITR Return shows all the details required for Computation of Income.

If the Bank insists you can provide them a seperate excel computation of Income. Even Income Tax Authorities demand for computation of Income

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CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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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

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Nischit Sanghavi

Nischit Sanghavi (Expert)
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25 February 2014 Computation is the part of the annual statement. On the basis of which company comes to know the status of Tax payable/Refundable.

It should be prepared by Statutory Auditor.

CA Salman Mansoori

CA Salman Mansoori (Expert)
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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.

CA Surendra Bhatt (ACA,DISA)

CA Surendra Bhatt (ACA,DISA) (Expert)
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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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