24 March 2014
hi... my client has insurance commisson as income can file itr 4s instead of itr 4 . if no then whaeather filling balance is compulsory in itr 4 as he has not many items. ( his income is less than rupees 120000/-)
25 March 2014
sorry .....my mistake. actually the question is weather filling balance sheet information is necessary because there is not many item & his income is less than 120000/-.and can he file itr 4s(sugam)
25 March 2014
He has to file itr 4.because for commission income , presumptive tax is not allowed.
44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : • If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) • If turnover / gross receipts has exceeded Rs 10 lacks in any of the three p.y. or current p.y. (for newly set up business) For business set up in p.y. 12-13 and during that year turnover has exceeded 10 lacks or income has exceeded 1,20,000 , a person should maintain books of accounts. Other cases : If turnover or income has exceeded those limits in p.y. 09-10 or 10-11 or 11-12, a person should maintain books of accounts.
So according to me, make balance sheet and fill the data in itr 4. You have to fill only some entries.
CAclubindia
