Ashish Jain (Student) (191 Points)
26 January 2015Hello,
One of my Assessee has Income U/s. 44AD for the A.Y.:2014-15. He has received "Maturity Amount from LIC of INDIA" during the F.Y.:2013-14. But when I report this in "Income U/s. 10", ITR-4 is selected instead of "Sugam 4S". I need an Expert advise in this concern. Please Experts reply asap. Thank You.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 26 January 2015
Is the maturity proceeds received from L.I.C. is more than Rs. 5,000?
.
If yes, then the assessee is not eligible to use ITR-4S because as per Rule 12(1)(ca) of the Income-tax Rules, 1962, ".....Form SUGAM (ITR-4S) shall not apply to a person who has income not chargeable to tax, exceeding five thousand rupees."
satyashi
(Student C.A. final)
(212 Points)
Replied 27 January 2015
DEAR ASHISH
DO CHECK FOR THE QUANTUM OF EXEMPT INCOME IF IT IS MORE THAN RS.5000 THE RETURN NEED TO BE FURNISHED IN THE FORM ITR-4
THANK YOU
CAclubindia
