Please assist for bank concurrent audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2012 I am a semi experienced Article, and i am performing bank concurrent audit for my firm, i want to know that, HOW can i verify Form 16 Provided by Borrower's to bank for Finance, contains genuine Figures.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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14 January 2012 If a salaried employee has taken a loan from bank, as his income proof Form 16 can be obtained instead of income tax return. If borrower is salaried employee and IT returns are not submitted by him, you should ask for Form 16 to determine his capacity to repay the loan.