Appropriate form of income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2012 Dear Sir,

In case of income of commission agent from LIC which form of ITR I should file , also assesse has a income from transport Upta Rs. 70000/-

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

24 June 2012 ITR 4 is applicable. All types of Business Income can be shown in ITR 4.
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ITR 4S or ITR 1 are not applicable in the case of Commission Income.
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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2012 sir, in the above case is it statutory to prepare balancesheet. that the income from transportation ( income from one heavy vehicle)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

24 June 2012 In case of Heavy Vehicle only , there is no need to prepare Balance Sheet. Income can be shown on presumptive basis under section 44AE
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LIC Commission income upto Rs 60000/ can also be shown by claiming Adhoc Deductions
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However, Balance sheet can easily be prepared by following the normal accounting practices.
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The Vehicle has to be shown at the Depreciated value. 30% Depreciation can be shown as claimed on the opening WDV or on cost of the vehicles.
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So when , except the vehicle, other income is there, it is advisable to prepare Balance Sheet.
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