Computation of income statement for PVT Ltd company

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  1. Prasanth

    Prasanth New Member

    Hello Experts,

    Myself and wife are the directors of a private limited company (50% shares each).

    Recently we applied for a home loan at Axis bank. We had submitted our individual ITRs, individual computation of income for the last 3 years. Plus we submitted the company audit reports for 3 years (that contained the Profit & Loss statements and the Balance Sheet).

    The bank came back asking for the computation of income statement for the company for the last 3 years. My Chartered Accountant says that computation of income statement is not prepared for the company but is for individuals only.

    However, the bank insists that computation of income statement for the company is mandatory. Without which they can't process the loan application.

    Is the computation of income statement prepared for company annually? Is it a mandatory statement?

    Really appreciate any advice you can offer. I am stuck and confused.

    Thanks,
    Prasanth
     
  2. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    Bank personnel are Right at their place,...
    Banks usually sanction Loan Amount as a Percentage on Your Income for Last 2 - 3 years,...

    Since you and your spouse are Directly concern with the Company, on ground of Income & Financial Performance,...
    Bank has demand so,

    It is better, if you request your C.A., to prepare IT Computation for Co., for Last 3 yrs,
    And if your C.A. is not ready,..
    than you may also submit ITR-V copy or ITR Process Order of last 3 years of your Company, it is also one-way Computation,
    Just ask your Bank to Accept It.

    > Every "Person" than whether it is an Individual, a HUF, a Firm, or a Company etc., who has a PAN, and who is assess under Income Tax Act.,
    Has Computation of Income,...
     
  3. CA K.K. Upadhyay

    CA K.K. Upadhyay New Member

    There is no mandatory requirement under law to prepare / submit the computation with ITR can be submitted without computation.
     
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