a small medical store dealer wants rs:7 lacs loan from bank required.
question:
a dealer how much sales turnover and gross profit and net profit show in it returns (itr based)in f.y 20-21.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 02 June 2021
It should be based on the nature of percentage followed every year in financial statements for turnover and profit. Estimated, Projected and Provisional financial statements should be prepared according to following the increasing or decreasing the percentages
Ankit Neema
(2742 Points)
Replied 03 June 2021
You should file your return on actual income basis , put the actual details of your turnover.
Just for loan you can not show a wrong information.
On the basis of you information filed in ITR then bank will told you whether you are eligible for a Loan.
Just for loan you can not show a wrong information.
On the basis of you information filed in ITR then bank will told you whether you are eligible for a Loan.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 03 June 2021
Yes, agree with Ankit. Actuals in ITR.
Banks also ask for projections which can be estimated considering past performance as well as present situation, as better explained by Sourav
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