Points to be kept in mind while filing return for availing v

This query is : Resolved

Pooja (Querist)
Follow

03 June 2013 I need to file return of income for one of my clients who is a transporter. He wants to avail of vehicle loan from Sundaram. So what are the points that should be kept in mind so that there is no difficulty in availaing the loan.

I request to kindly hep me with the same as it is a bit urgent.

Ankit

Ankit (Expert)
Follow

03 June 2013 Actually Poonam, there is no set of points that you need to keep in mind..just that the ITR be filed in time and all disclosures properly made.

one thing you can keep in mind is, that if you choose to go for presumptive taxation (if it applies) the disclosed income in the ITR would be too low. this may be a hurdle,. but still you need to check this with the financer whether they would be ready to finance the loan if the ITR depicts a low income (however, the turn over may be much more)

Message likes : 1 times

Pooja

Pooja (Querist)
Follow

03 June 2013 Actually ankit,the turnover is good enough and we are not gonna go on the basis of presumptive taxation. We are gonna show the actual figures only. But Some one told me that the net profit should be such that it should be able to repay the installment. and some ration of 60% of profit should be good enough to repay the installment. Dats y i got confused

Pooja

Pooja (Querist)
Follow

03 June 2013 And one more thing is that he is already paying installments of around 90000 per month so u can imagine that the turnover would be good enough. So how should i proceed

Ankit

Ankit (Expert)
Follow

03 June 2013 Okk...then it should not be a problem..

yes that is true, you should have enough profit and in the books and also enough cash profit to show that you will actually be able to repay the loan and the interest thereon..
so, the profit should somehow be close to the industry standards (which your client should be able to tell you)

if the profit is more than the industry standard, the better...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now