When you’re applying for SME business financing, either using CreditEnable’s technology platform or directly with the lender, you need to submit your Income Tax Returns (ITR) acknowledgement and Computation of Income along with your loan application.
Your Income Tax Return–Verification (ITR-V) form is a single-page document that the Income Tax Department automatically generates when you submit your income tax returns without a digital signature. It helps verify the authenticity of your income tax returns, and you must download, sign, and send a hard copy of the document to the Income Tax CPC in Bangalore to complete your income tax filing process.
You can also do the verification process online (ITR-V EVC) using your email id and mobile number, Aadhaar card, net banking, ATM, bank account details, or your Demat account.
How do I download my ITR-V (Acknowledgement) online on the new ITR e-filing portal?
Step 1: Visit the Income Tax e-Filing Portal on https://www.incometax.gov.in.
Step 2: Click on “Log In” on the top right corner.
Step 3: Log in using your User ID (your PAN/Aadhaar/or another Username you have set) and click on “Continue”.
Step 4: On the next page, select the “Please confirm your secure log in message” option, enter your password and click on “Continue”. You have logged in to your account now.
Step 5: From the blue menu bar on the top of your screen, hover your pointer over the “e-File” option. Then move your cursor to the “Income Tax Returns” option and select the “View Filled Returns” option. This will take you to a screen that shows you all the ITRs you have filed in the past.
Step 6: Go to the year you want to download your ITR acknowledgement for and click on “Download Receipt” for the desired financial year.
Your file should now be downloaded onto your computer.
Once downloaded, you can submit this file to your lender along with your small business financing application.
When you apply for SME business financing, lenders require you to submit your ITR acknowledgement, as it is a document used in their risk assessment of every applicant. It indicates to lenders that you run your business responsibly and you fulfil your tax obligations dutifully.
Such financially responsible behaviour, along with other factors, such as your financial history, credit score and bureau report, and your business sector, impact your creditworthiness when you apply for SME business financing with a formal lender.
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