Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Bank loan for itr

263 views

Save Share

Kollipara Sundaraiah

B.com

3025 Points Posted on 02 June 2021

a small medical store dealer wants rs:7 lacs loan from bank required.
question:
a dealer how much sales turnover and gross profit and net profit show in it returns (itr based)in f.y 20-21.

Replies (4)

Quick Summary

This discussion addresses a medical store dealer seeking a bank loan of Rs. 7 lacs. The core question revolves around the sales turnover, gross profit, and net profit figures required in the Income Tax Return (ITR) for FY 20-21. While banks consider past performance and projections, it's crucial to file actual income details in your ITR, as this forms the basis for loan eligibility. Banks may also request projected financial statements based on historical data and current circumstances.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 02 June 2021

It should be based on the nature of percentage followed every year in financial statements for turnover and profit. Estimated, Projected and Provisional financial statements should be prepared according to following the increasing or decreasing the percentages

Ankit Neema

2742 Points Posted on 03 June 2021

You should file your return on actual income basis , put the actual details of your turnover.
Just for loan you can not show a wrong information.
On the basis of you information filed in ITR then bank will told you whether you are eligible for a Loan.