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ITR -4 in case of LIC agent

swati wadhawan (article) (56 Points)

25 July 2012

Plz tell me.

Is it necessary to fill balance sheet and P & L a/c in ITR -4 in case of LIC agent having commission income exceeding 5 lacs.

Thanks in advence.

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8 Replies

Ganeshbabu K (Audit and Tax Advisory) (48564 Points)
Replied 25 July 2012

OFCOURCE IT IS NECESSARY

IF U DONT HAVE THE PROPER BOOKS OF ACCOUNT ENTER VALUES IN NO.51 in part-pl of ITR4

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Ravi Shankar Dubey (zindagi ek sangharsh) (100 Points)
Replied 25 July 2012

ITR-4
For individuals and HUFs having income from a proprietory business or profession.

Not Necessary to fill the balance sheet & Profit & loss A/c.

General u fill the ITR 1 . A.Y. 2012-13 Comission Income Shown on Other source of Income.

if any mistake plzz correct.

Thanks

Yajendra Adhikari (Chartered Accountant) (334 Points)
Replied 25 July 2012

Commission Income cannot be Income from other Sources. It should always be Profits/Gains from Business or Profession. Though, Profit & Loss A/c or Balance Sheet is not compulsory, You have to fill certail details.

Ravi Shankar Dubey (zindagi ek sangharsh) (100 Points)
Replied 25 July 2012

THANKS SIR.

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Yajendra Adhikari (Chartered Accountant) (334 Points)
Replied 25 July 2012

Mr. Ravi Shankar Dubey ji..

Commission Income is Business Income. Even if you dont prepare Profit & Loss Income, Business Income cannot be shown in Other Incomes. YOU SHOULD FILL ITR 4. Its Compulsory.

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Ravi Shankar Dubey (zindagi ek sangharsh) (100 Points)
Replied 25 July 2012

THANKSSSS SIR. THANKS FOR INFORMATION SIR.

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