House loan approval on the basis of itr-4s

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CA MANISH BINDAL (Querist)
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21 September 2016 Dear Sir,
If ITR is filed u/s 44AD means ITR4S, is filed then on such return housing loan can be approved or not. Because generally bank demand for Trading and P&L account and balancesheet. But assesse maintain no accounts. In this case if I prepare Trading & P&L A/c & Balancesheet while taking income declared under ITR 4S. So it will be good enough or i have to revise my client return and file ITR 4

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2016 Assessee does not maintain books of accounts DOES NOT MEAN that you as a CA can NOT make the same from the incomplete records. Is it?

CA MANISH BINDAL

CA MANISH BINDAL (Querist)
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21 September 2016 I can prepare accounts but bank will question that itr 4s is filed

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2016 why should bank question? You prepare the financials which show the same net profit as that of ITR 4S.
And one more thing....even income tax NEVER says that if assessee maintains books of account, s/he can not opt for ITR 4S? Is it?

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CA MANISH BINDAL

CA MANISH BINDAL (Querist)
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21 September 2016 thanku sir, for such a quick response.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2016 you are most welcome.

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