Insurance agent

This query is : Resolved

AVNEESH KUMAR (Querist)
Follow

28 July 2013 a person is agent of Life Insurance Corporation (L.I.C.). his total commission of A/Y 2013-2014 is Rs. 25,00,000.and also same(approx) in last five years.
but he never filed return with balance sheet in past. while he has asset amount Rs. near about Rs. 50,00,000 form past

Question-:

1.- what will be treatment of capital and other assets
2- now he can show is capital in full value or not
3- please provide solution

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

30 July 2013 An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (wef 1st April 2012); or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (wef 1st April 2012);
The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (wef 1st April 2012);
Since your income is that of a professional,
So kindly hire one CA and an accountant who will prepare your books then your CA will prepare your capital account and he can show your capital.

File all the past returns in physical form for claiming the refund and for last 2 years you can file the returns online.

Message likes : 1 times