DEAR SIR/MADAM,
INSURANCE AGENT COMMISSION RECD AMT. 2,50,000/-
need to prepare P & L accounts & B/S ?
ADVANCE THANKS
6 Replies
RONAK DARJI
(CA FINAL)
(382 Points)
Replied 13 June 2011
Dear Sir,
I,Ronak Darji,being student as well as LIC agent earning commission,
as per my knowledge If your income limit cross beyond 160000,then you should
Prepare P&l and B/s,in which you can file your income tax return.Further all
expenses you were incurred during the whole year should keep recorded in your
Profit & loss A/c.As well as if you were invest money in LIc then you got Deduction
Under Section 80 C.After discussing if you are not preparing P&L and B/S then also
there will be no issue in near future.
Regards,
Ronak Darji
amit jain
(Chartered Accountant)
(532 Points)
Replied 14 June 2011
you need to prepare p& l account.. to prove income from business.. in filing your return
CA Devender Chauhan
(Group Financial Accountant)
(1526 Points)
Replied 14 June 2011
| Originally posted by : future ca | ||
 |
agree with RONAK |
 |
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