Income Tax Return (ITR) is the first thing banks asks for after KYC documents for any type of loan. The borrower submits copies of Income Tax Returns to the bank, which he has filed online.
As a banker, specially on credit desk, due diligence is very important for processing any loan application. Verifying genuineness of Income Tax Returns is part of the due diligence process. Because the eligibility of loan amount is often determined by looking into the past income of the applicant, it becomes important that the Income shown in copies of ITRs is actually same as that submitted to Income Tax Department.
Also Read : How to verify PAN online and How to Know someone’s PAN number
Here is the guide, how you can verify the genuineness of Income Tax Returns.
After downloading, while opening the pdf file, it will ask for password, which is pan+date of birth (for example abcd1234z01011983).
With this you can tally the copies submitted by the applicant to verify their genuineness.
Some time this part of verifying income tax returns, which is part of due diligence process is given to Chartered Accountants and Company Secretaries also. They also follow the same process give their report based on this.
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