Hello Experts,
Myself and wife are the directors of a private limited company (50% shares each).
Recently we applied for a home loan at Axis bank. We had submitted our individual ITRs, individual computation of income for the last 3 years. Plus we submitted the company audit reports for 3 years (that contained the Profit & Loss statements and the Balance Sheet).
The bank came back asking for the computation of income statement for the company for the last 3 years. My Chartered Accountant says that compuation of income statement is not prepared for the company but is for individuals only.
However, the bank insists that computation of income statement for the company is mandatory. Without which they can't process the loan application.
Is the computation of income statement generally prepared for companies?
Really appreciate any advice from the experts. I am totally stuck here.
Prasanth
CAclubindia
