House loan approval on the basis of itr-4s
This query is : Resolved
CA MANISH BINDAL
(Querist)
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
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
(Expert)
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
(Querist)
21 September 2016
I can prepare accounts but bank will question that itr 4s is filed
Amol S Joglekar
(Expert)
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?
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
(Querist)
21 September 2016
thanku sir, for such a quick response.
Amol S Joglekar
(Expert)
21 September 2016
you are most welcome.
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