Non mainntainance of books

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2012 MY LIC AGENTS CLIENTSDS DONT MAINTAIN ANY EXPENSES RECORDS.COMMISION IS AROUND RS. 5,00,000.

I HAVE FILLED THEIR RETURNS SHOWING N.P. OF 3,00,000. I HAVE SELECTED "IF NO BOOKS ARE MAINTAINED OPTION & GIVEN ONLY REQUIRED FIGURES.WILL THERE BE ANY PROBLEM IN GETTING REFUND.

CAN U SHARE UR EXPERIENCE IN SUCH MATTER?

CA UMESHKUMAR R. ACHARYA

CA UMESHKUMAR R. ACHARYA (Expert)
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27 June 2012
L.I.C.Agent having earned total commisision of more than 60000/- are required to maintain books of accounts .

In present case you should keep books of accounts ready and it should tally with figures you submitted with IT Department.

It will serve two purpose (1) For Next financial Year accounts current year balance sheet will be useful as base .(2) If your case selected under scrutiny , The accounts and other records will be useful to establish your Income as stated in return.

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2012 BUT WHETHER THERE WILL BE ANY PENALTY FOR NON MAINTAINANCE OF BOOKS IN SUCH CASE..?

ALSO WHAT WILL BE CASE IF I M SELECTING "NON MAINTAINANCE OF BOOKS" OPTION IN ITR....? PLZ REPLY

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CA UMESHKUMAR R. ACHARYA

CA UMESHKUMAR R. ACHARYA (Expert)
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30 June 2012
There will be no penalty because though you have filed return under option non maitainance of books, you have kept books and records ready. and you are in position to show same if case is selected for scrutiny.