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?
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Bank loan & Income as per 44AD
Replies (7)
Quick Summary
You have to match your profit and loss account with your ITR.
Prepare profit and loss account as per ITR
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.
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.
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?
No that should not be a proper way.
You should have to adjust expenses in drawings or in other nominal expenses
You should have to adjust expenses in drawings or in other nominal expenses
Rahul Ji -44AD -Does not ask for maintains of books of accounts.
Corrct
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