Applicability of itr for individual ( women )

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2014 hello ,

if any individual women can do general insurance business and her income is only commission income then she can file ITR 4 or any other else ITR ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 February 2014 ITR 4 needs to be filed.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2014 whether she can file profit and loss account & balance sheet with ITR 4 or only file Electronic file ?

and she has to maintain her accounts in yearly basis ?

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 February 2014 Balance Sheet PL to be filled in ITR4. If taxable income more than Rs 5 Lacs efiling is mandatory.

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2014 she had no taxable income thn ?

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2014 because she has joint bank account with her husband and her husband has insurance agent of LIC and he also received commission income from LIC in same bank account.

IS IT POSSIBLE TO SHOW SAME BANK BALANCE IN BOTH RETURN AND SAME BANK ACCOUNT NO ?

AVTAR SINGH

AVTAR SINGH (Expert)
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02 February 2014 If the commission received is below taxable limit, then no need to maintain books if you declare full amount of commission as income, without claiming any deduction of expenses.