Filing of details u/s 44ad

This query is : Resolved

sanjay (Querist)
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23 July 2013 Hello All
I am a accountant and want your kind guidance. I have to file the return under u/s 44AD of Income Tax in Form 4S.
My client has not maintained books. I have shown the net profit of Rs176625/- as per P & L A/c and the Total Gross Receipt is 419360/-.
The Gross Receipt includes GP and LIC Commission.
The details are as under:
Sales 520360
Purchases 335850,Op Stock 180000/-, Closing Stock 49700/- GP 50400/-
LIC Commission 368000/-
Indirect Expenses: 242735/-
Kindly advise how to fill the details in Form 4S u/s 44D.
Regards
Sanjay

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2013 LIC Commission- can not be shown U/s 44AD.
You have to file ITR-4.
.
Prepare Income & expenditure A/c for LIC commission income. Part A P&L, Balance Sheet and Schedule BP all data are to be furnished.
.
You can show directly Income U/s 44AD in item no 33i of Schedule BP.

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