For ay 2017-18, pl & bs mandatory or not for lic agents ?

PALASH (Nothing) (2000 Points)

26 April 2017  

Actually for last few months Income tax department ( CPC BANGALORE ) issues huge notices u/s 139(9) as defective return ( FOR LIC AGENTS only ) of ay 2016-2017 for not providing figures of Profit & Loss account and Balance sheet in their original return ( ITR 4 ) while submitting .

Generally i use for LIC agents ( earning commission from rs 30000/- to rs 200000/=) smaller part of the return ( ITR -4 ) i.e, Gross receipts -- Gross profit -- expenses -- Net profit Portion instead of providing figures in Profit & Loss a/c and balance sheet .

My question :

Do you think that is it necessary for ay 2017-2018 , to provide all the details of PL AND BS for all kinds of LIC agents earning commission from Rs 30000/- to Rs 200000/= ??

Is it necessary to prepare profit and loss account and balance sheet mandatory for all kinds of LIC agents ? or

Can i submit return without pl and bs for all kinds of LIC agents earning commission from Rs 30000/- to Rs 200000/= for ay 2017-2018 ??

 

Thanks