Gross Total Income or Net Total Income -
Which one is taken
into consideration for Bank loan purpose.
6 Replies
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 21 October 2018
Net Income will be taken into consideration
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 21 October 2018
Yes... Net income.
In some the files it's taken to Total Income...
In some the files it's taken to Total Income...
Niraj Agarwal
(Student)
(58 Points)
Replied 21 October 2018
Since Net total income is after deduction under chapter VIA, which are not actually expenses.
Then also why Gross total Income not taken in account for bank loan purpose.
Then also why Gross total Income not taken in account for bank loan purpose.
RAJA P M
("Do the Right Thing...!!!")
(128106 Points)
Replied 21 October 2018
Dear Mr Niraj.,
It's called taxable income as
Net Income (-) Deductions = Taxable Income...
Taken loan and Your business income is Net income. Also banks view Your financial transactions.
It's called taxable income as
Net Income (-) Deductions = Taxable Income...
Taken loan and Your business income is Net income. Also banks view Your financial transactions.
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