Hi every one,
I have started new business. some of friends told me to pay IT ( which is of Rs 500 per year) so that you will get personal loans.
I would like to know is there any such process to get personal loans from Income Tax.
Note: I did n't register my business with IT.
Please suggest me to some procedure to get loans
What your friend meant that the bank will ask for Income tax return copy for verification before approving your application for a personal loan.
There is no rule that you have to pay Rs. 500/- to get a personal loan. All you need is the following:
1) PAN
2) ID proof
3) Photo ID proof
4) Address proof
5) Salary slip if employed
6) IT returns if self-employed
7) And maybe bank statement
Friend to pay Income tax for only Loan purpose is not good thing. I want to increase your income capacity rapidly at every year. Your Balance sheet be strong.You must have habit of saving,investment,banking transactions. There should be no cheque dishonour in your summary.Your Business Profile and financial bio data should be best.
CAclubindia
