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Income from spiritual activities

Others 632 views 1 replies

good day,

my client earns income by performing spiritual activities and is about to apply for personal loan based on this income .my query is

1. is it correct to file in ITR3(presumptive income filing)  disclosing as (professional income)

2. after filing , is it necessary to get the auditor certified statement of income or the  ITRV along with the simple statement of income  without auditor sign & seal to the client is sufficient.

pls guide. tnx

Replies (1)

1. For bank's loan advisable to file ITR3 with P&L acct & BS.

2. Generally banks ask for CA authorization over Financial statements submitted to them.

Though no need to get books of accounts audited, but maintaining books becomes mandatory.


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