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Balance Sheets for CC Renewal are real

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SHIV KUMAR

Co-Founder of Sublime Associates

256 Points Posted on 10 December 2022

Hello Sir/Mam
One person have CC limit of 10 lakh. Bank demands sales in P&L is five times than CC. The Actual sales is about 25 lakhs.
I have two question
Is annual accounts given in CC renewal are real or hypothication.
When we file ITR of such person we need to show hypothicated data which has been shared with bank of real turnover ?

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Quick Summary

This discussion clarifies the nature of balance sheets submitted for CC renewal. It explains that while actual annual accounts are real, future projections shared with banks are estimations. The key takeaway is that audited balance sheets are required, and both the data provided to the bank and the ITR filing should reflect the real turnover.