A small business owner is seeking guidance on how much sales turnover and net profit to declare on their IT returns for FY19-20 to secure a bank loan of Rs. 5 lakhs. The general advice suggests a net profit of at least Rs. 3 lakhs per annum for the last three years. It's recommended to consult a local Chartered Accountant for personalised advice.
18 January 2021
Sir, A small business person wanted bank loan Rs:5 lacs required. Question: A person how much amount sales turnover and net profit show in I.t return in f.y.19-20 for bank loan purposes.