Insurance agent

This query is : Resolved

AVNEESH KUMAR (Querist)
Follow

28 July 2013 a person is agent of Life Insurance Corporation (L.I.C.). his total commission of A/Y 2013-2014 is Rs. 25,00,000.and also same(approx) in last five years.
but he never filed return with balance sheet in past. while he has asset amount Rs. near about Rs. 50,00,000 form past

Question-:

1.- what will be treatment of capital and other assets
2- now he can show is capital in full value or not
3- please provide solution

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

30 July 2013 An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,

The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (wef 1st April 2012); or
The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (wef 1st April 2012);
The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (wef 1st April 2012);
Since your income is that of a professional,
So kindly hire one CA and an accountant who will prepare your books then your CA will prepare your capital account and he can show your capital.

File all the past returns in physical form for claiming the refund and for last 2 years you can file the returns online.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rajat Khandelwal

Manoj Sharma

Rajasekar

kopparapu bheemarao

Tanuj Kumar Sharma

Subscribe Now

Insurance agent

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA