Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

44ad for house loan

25 July 2018

hi,
iam a professional so I like to file my returns under "44AD",and now I like apply for housing loan in future because this is my first filing,does banks accept my returns filed under 44ad, or should I prepare p&l, balance sheet,STI ...PLZ HELP

Thanks in advance

Reply
Follow
Share

1 Replies

mrunal (student) (41 Points)
Replied 25 July 2018

first of all professionals need to opt fot 44ADA (50% of receipts) and not AD in case of presumptive income. Then it is advisable to file ITR 3 with p&l and balance seet as you can prove your investments later and you can easily get housing loan. But here also if you offer less than 50% receipts as profit you need to get books audited .