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Agent

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(Querist)
28 July 2013 a person is agent of Life Insurance Corporation (L.I.C.). his total commission of A/Y 2013-2014 is Rs. 25,00,000.and also same(approx) in last five years.
but he never filed return with balance sheet in past. while he has asset amount Rs. near about Rs. 50,00,000 form past


Question-:

1.- what will be treatment of capital and other assets
2- now he can show is capital in full value or not
3- please provide solution
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 July 2013 u can file itr of AY12-13 onwards.
for capital assets u need to disclose in AIR schedule.
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