Lic Agents

31 March 2018

Which Nature of Profession or Business in ITR select

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5 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 31 March 2018

Profession Income from commission or brokerage or an agency business cannot file ITR-4S , file ITR4

RAJA P M ("Do the Right Thing...!!!") (128029 Points)
Replied 31 March 2018

LIC agent can't opt Presumptive taxation scheme..
He only file normal provision...
In AY 17-18 he is file ITR 3...
In AY 16-17 he is file ITR 4...

sonam sahu (2 Points)
Replied 31 March 2018

can i file itr of AY 2017-2018 aftr 31/03/2018

Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

Following are not allowed to file ITR Under Presumptive Income

Situation 1 – Where Gross receipts or turnover of a business or profession is more than Rs 1 crore

Situation 2 – If you fall in any of the below mentioned case you cannot file ITR-4S
- Income from commission or brokerage
- Income from Agency business
- Income from Profession – those who are carrying on profession of legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, an authorized representative, film artist, company secretary and information technology. Authorized representative means – any person, who represents someone, for a fee or remuneration, before any Tribunal or authority under law. Film Artist includes a producer, actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screenplay writer, dialogue writer, dress designer – basically any person who is involved in his professional capacity in the production of a film.
- Own more than one house property
- Earned Speculative income like winning from lotteries, horse races
- Agriculture income or exempt income more than Rs 5,000
- Have Capital gains
- Losses to be carried forward
- Holds any assets outside the country or has any financial interest in any foreign entity
- Is a signing authority in any bank account located outside India
- Any resident having income from any source outside India
- Claimed relief under Section 90 or 91