Query
Two years ago I set up a primary school, and the owner of the place insisted on being a partner. First year I set up the school n handled everything. No partnership deed was made nor a school account. All fees were deposited in my account. Second year partnership deed is signed and a school account just set up. All fees n transactions were done through my personal account. But the problem now is I need a loan and need income proof. Each month from the fees deposited I cld keep 30000 for my remuneration. So now what proof can I show for loan?
4th December 2017 From India, Mumbai

PARTICIPATING IN DISCUSSION:
Dinesh Divekar
Business Mentor, Consultant And Trainer
Sabiksha
Education

Dear Sabiksha,

In the first year, you had oral partnership with another partner. The business went on the trust. Quite appreciable!

However, this very trust-based relationship has become obstacle in getting financial loan. Since you do not have any documents to prove that you had been partner, nothing can be done per se. Nevertheless, you had been drawing Rs 30,000/- per month. In that case, did you draw, Rs 360,000/- in the last year? If yes, then did you file Income Tax Return for the last Financial Year (FY)? If yes, then on the strength of the IT return, you may ask for the loan.

Of course, this may not work also. However, this is the only option that you have for to get the loan.

Thanks,

Dinesh Divekar
4th December 2017 From India, Bangalore

Thank you for your input Mr Divekar.
I haven't filed IT for the year.
4th December 2017 From India, Mumbai

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