Appropriate form of income tax
Querist : Anonymous
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/-
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ITR 4S or ITR 1 are not applicable in the case of Commission Income.
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Querist : Anonymous
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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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