a LIC Insurance Comm. agent is not maintain his books of accounts. his Gross receipts of Rs. 562616.23 as commission income. Is it mandatory to fill his income & expenditure account as well as statement of affairs, while filling the ITR 4. Can he shows his Gross Receipts, Gross Profit & Expenditure in case of non books of Accounts?
25 July 2011
Pl offer the income under section 44AD. If so no need to maintain books of accounts,income and expenditure account and balance sheet. ITR-4S may be filed with out any annexures.