Lic Agent Commision

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karan (Querist)
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24 March 2010 Hello Expert, Sir i want to file return of income of lic agent, he received commision around 29000 in p.y.. he has no other income. My question is whether we have to submit balance sheet or not. In preceding previous year he had file itr4 at that time he had income of accounting job work but this time he has no ther income. so what should i do?

shakuntala chhangani

shakuntala chhangani (Expert)
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25 March 2010 u r required to file the return for three continuous year over which u hv no taxable income. after that there is no need to file the return if ur income does not exceed the exempted amount.
Regards, CA Shakuntala Chhangani

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 March 2010 As per section 44AA(2) if the annual income from business do not exceed Rs.1,20,000/- or the gross receipts do not exceed Rs.10,00,000/- in any one of the three years preceding this year no need to maintain books of accounts thereby balance sheet and profit and loss accounts are not mandatory. If the above condition is satisfied go ahead with return filing without b/s and p & l a/cs. Please avail ad hoc deduction for expenses as per CBDT Circular 648 dated 30/03/1993 and arrive the taxable income for return filing purpose.

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