Self Employed –Businessmen & Professionals – Are you ready for Housing Loan?
This article is aiming at preparing our self employed people – Business man & Professionals, to get Housing loan/any loan from bankers for their personal/business needs. Bankers usually like to give housing loans to Employees as they have Form 16 with them to show their actual Income per year & they always file their tax returns on time unlike business community who are reluctant to file their tax returns every year. It’s always good to have best practice to comply Income Tax rules for future benefits – Loans & any other financial helps from bankers/government by way subsidy/aid. Tax returns compliance is not a cost, but an investment for secured future of yours as well as country
Below is list of documents that you should have before you approach any banker for loan:
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A brief introduction of your business/profession
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Balance sheet, profit and loss account and statement of income with income tax returns for the last 3 years certified by a chartered accountant
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A photocopy of advance tax payments (if applicable)
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A photocopy of Registration Certificate of your establishment under Shops and Establishments Act/Factories Act
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A photocopy of Registration Certificate for deduction of profession tax (if applicable)
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Bank statements of current and savings accounts for the last 6 months
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A photocopy of any bank loan (if applicable)
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A photocopy of the first and last pages of your ration card or a copy of PAN/telephone/electricity bills
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A photocopy of LIC policy (if applicable)
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A photocopy of investments (FD certificates, shares, any other fixed asset)
Hope above list helps you to get financial support from banker & avoid unnecessary troubles in life from anyone.
Last but not least, BEHIND EVERY SUCCESSFUL MAN STANDS A WOMAN AND THE TAX ADVISER
CA. Chikkerur CR
B.com, ACA, MBA, DISA & LLB
CAclubindia
