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rahul (ARTICLE CLERK)     18 July 2021

Bank loan & Income as per 44AD

My actual income  as per accounting principle is 580000 but on presumptive basis it 450000. I want my financial statement for loan purpose. But banker saying that my profit & loss does not matches with ITR hence not sactionong loan proposal. What is the remedy?



 7 Replies

Lotus Choudhary

Lotus Choudhary   18 July 2021

You have to match your profit and loss account with your ITR.
Sourav

Sourav (Student)     18 July 2021

Prepare profit and loss account as per ITR
1 Like
Balamurali Unnithan MS

Balamurali Unnithan MS (STUDENT)     18 July 2021

For opting for Presumptive Taxation u/s 44AD- You do not need to maintain books of accounts as well.

Convenience the banker for the same.

Thereafter they need , prepare provisional P&L A/C -Turnover & Profit must match with the IT return you filed.

No other thing can identify the banker from the IT return.

Then, What's the problem, Ji.
rahul

rahul (ARTICLE CLERK)     18 July 2021

To match with ITR i have to book expenses which are actually not incurred. So is there any problem to book expenses which are actually not incurred? 

Sourav

Sourav (Student)     18 July 2021

No that should not be a proper way.

You should have to adjust expenses in drawings or in other nominal expenses
Balamurali Unnithan MS

Balamurali Unnithan MS (STUDENT)     18 July 2021

Rahul Ji -44AD -Does not ask for maintains of books of accounts.

Sourav

Sourav (Student)     19 July 2021

Corrct

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