Praveen.S (Accountant) (47 Points)
20 November 2012An assessee Who is a LIC agent and his gross commission receipts in A.Y 2011-12 is Rs.375000 & in A.Y 2012-13 is Rs.515000.
Which itr form use for filing the return ? Can Lic agent file income tax return in ITR4S & avail the benefit of sec. 44AD?????
CA Ruben Balooni
(Professionalism ™)
(1324 Points)
Replied 21 November 2012
Assessee needs to file ITR-4. As per the amendments made by Finance Act, 2012 "The provisions of section 44AD shall not apply on a person earning income in the nature of commission or brokerage income.
- Ruben Balooni
Praveen.S
(Accountant)
(47 Points)
Replied 21 November 2012
| Originally posted by : Praveen.S | ||
 |
An assessee Who is a LIC agent and his gross commission receipts in A.Y 2011-12 is Rs.375000 & in A.Y 2012-13 is Rs.515000. Which itr form use for filing the return ? Can Lic agent file income tax return in ITR4S & avail the benefit of sec. 44AD????? |
 |
One More question Kindly reply,
LIC agent is liable to maintain his books of accounts as per above case??????
If books of accounts is not maintain by the assessee how can I shown the expense in ITR4??
CA Ruben Balooni
(Professionalism ™)
(1324 Points)
Replied 21 November 2012
If your gross receipts exceed 120000 then you are liable to maintain accounts as per 44AA(2). If you carefully see ITR-4 there is a option after balance sheet and profit & loss for those who doesn't maintain accounts.
- Ruben Balooni
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
