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
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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