Filling of return

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SUMIT SINHA (Querist)
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24 March 2014 hi...
my client has insurance commisson as income can file itr 4s instead of itr 4 . if no then whaeather filling balance is compulsory in itr 4 as he has not many items. ( his income is less than rupees 120000/-)

TKKKKKK

TKKKKKK (Expert)
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24 March 2014 He can file itr 4. There is no restriction for any balance.

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SUMIT SINHA

SUMIT SINHA (Querist)
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25 March 2014 sorry .....my mistake. actually the question is weather filling balance sheet information is necessary because there is not many item & his income is less than 120000/-.and can he file itr 4s(sugam)

TKKKKKK

TKKKKKK (Expert)
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25 March 2014 He has to file itr 4.because for commission income , presumptive tax is not allowed.

44AA: MAINTENANCE OF BOOKS OF ACCOUNTS
WHO SHOULD MAINTAIN :
• If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business)
• If turnover / gross receipts has exceeded Rs 10 lacks in any of the three p.y. or current p.y. (for newly set up business)
For business set up in p.y. 12-13 and during that year turnover has exceeded 10 lacks or income has exceeded 1,20,000 , a person should maintain books of accounts.
Other cases : If turnover or income has exceeded those limits in p.y. 09-10 or 10-11 or 11-12, a person should maintain books of accounts.

So according to me, make balance sheet and fill the data in itr 4. You have to fill only some entries.

SUMIT SINHA

SUMIT SINHA (Querist)
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26 March 2014 Thanks....... Mr Khatri

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