manisha grover (CA Finals ) (61 Points)
16 January 2012If some assessee wants to raise loan and he requires the ITR of last two years which he have not filed yet.
now if the assessee files the itr of last two years then
my query is ," will these belated return would enable the assessee to rasie the loan?
or to raise the loan return should be filed within due date specified u/s 139(1)?
and in case if the income is below the limits specified u/s 139(1).
CA Abhirup Kar
(CA)
(92 Points)
Replied 16 January 2012
An assessee has to file his/her/its return within assessment year..
manisha grover
(CA Finals )
(61 Points)
Replied 17 January 2012
but if the assessee wants to raise the loan...whats the remedy available to him..
as the due date has passed now
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 17 January 2012
Due date of filing return and raising loan is not connected. However, sometimes banks/financer refuses to give loan if the time period between returns of two consicutive assessment years are less than 6 months. There is no other requirement to file return within due date to raise loan.
CAclubindia
