21 July 2024
If your client's ITRs for AY 2008-09 and 2009-10 were filed on the same date, which the bank considers a red flag, here are the possible actions your client can consider:
### Options for Taking Loan:
1. **File Revised ITR for AY 2009-10:** - Your client can revise the ITR for AY 2009-10 to change the filing date. A revised return allows corrections or updates to be made to the original return within a certain time frame. - Ensure that all details in the revised ITR are accurate and reflect the correct information. The revised ITR should ideally have a different filing date from the original.
2. **File Belated ITR for AY 2008-09:** - Since the ITRs for AY 2008-09 and 2009-10 were filed on the same date, your client might consider filing a belated return for AY 2008-09. - A belated return allows filing after the due date but before the end of the assessment year. However, this might not address the issue of the same filing date for both years.
3. **Contact the Bank and Explain:** - Your client can directly approach the bank and explain the situation. Provide clarification that while the ITRs were filed on the same date, they are for different assessment years. - Provide any supporting documents or explanations that the bank might request to verify the authenticity of the ITRs.
### Additional Considerations:
- **Revising ITR for AY 2009-10:** This is generally the most straightforward approach to address the concern raised by the bank. Ensure the revised ITR is filed correctly and within the allowed time frame.
- **Consult a Tax Professional:** It might be beneficial for your client to consult a tax professional or accountant who can guide them through the process of revising the ITR or filing a belated return if necessary.
- **Bank's Policies:** Each bank may have its own policies regarding the acceptance of ITRs for loan purposes. Your client should inquire with the bank about their specific requirements and how they can best comply.
In summary, filing a revised ITR for AY 2009-10 with a different date or addressing any concerns directly with the bank would be advisable. It's crucial to ensure all filings are accurate and comply with both tax regulations and the bank's requirements for loan approval.
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