If you are an entrepreneur and running your own business, then you will need money to finance your business and boost it to the next level. It can be hard for you to finance from your own savings, so it will be better if you apply an entrepreneur loan. Never hesitate to apply for a loan to run your business! But, before you apply for it, you should be aware of the following tips:
Get your contract in written format
All works of your businesses may be over emails and phone calls, but make sure you have a formal contract with the clients in written format. You can also ask them for Form 16(A) if they are deducting TDS from their total payments. The contract is required as a proof of income when you will be applying for an entrepreneur loan.
Filing tax on time
Do not make the mistake of forgetting the income tax returns file on time. When you apply for a entrepreneur loan, IT return file will be a necessary factor. If you try to file your returns of 2 years or more together before applying for a loan, the lender will reject your application.
To know about the other tips, read: 5 Rules Entrepreneurs Should Follow While Applying for Loans
Get your contract in written format
All works of your businesses may be over emails and phone calls, but make sure you have a formal contract with the clients in written format. You can also ask them for Form 16(A) if they are deducting TDS from their total payments. The contract is required as a proof of income when you will be applying for an entrepreneur loan.
Filing tax on time
Do not make the mistake of forgetting the income tax returns file on time. When you apply for a entrepreneur loan, IT return file will be a necessary factor. If you try to file your returns of 2 years or more together before applying for a loan, the lender will reject your application.
To know about the other tips, read: 5 Rules Entrepreneurs Should Follow While Applying for Loans
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