No account case

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2012 Dear sir,
In case of a LIC agent, whose total commission received in FY 2010-11 is 233000/-. Can he file his retrun as no a/c case, if yes, then under which section and which ITR form would be applicable.
Thanks.

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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28 March 2012 Refer CBDT Circular No.594 dated a5-05-1991,648 dt 30-3-1993 and 677 dt 28-01-1994, these circular you can get in www.incometaxindia.gov.in

Querist : Anonymous

Querist : Anonymous (Querist)

28 March 2012 Can I opt section 44AD in AY 2011-12

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Section 44AD has been retrospectively amended w.e.f AY 11-12 to provide that presumptive tax provisions are not applicable to persons earning income in the nature of commission or brokerage or person carrying on any agency business.

Accordingly, an LIC agent CANNOT be covered u/s 44AD.

He will have to file ITR 4.

However, he does not need to maintain books of accounts because his income is below the specified limit.

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2012 In above case, what is the specified limit not to maintain accounts and under which section

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Section 44AA deals with maintaining books of accounts.

The limit is Rs. 1,20,000 in any of the three financial years preceeding the current year.

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2012 what is the circular no. and date, regarding amendment of sec. 44ad for non availability to comm. agents

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 It is in the Finance Bill 2012. The budget just presented by the Finance Minister has made the amendment.

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