Itr filled in form 4s
This query is : Resolved
Kedar Shukla
(Querist)
03 February 2012
a LIC agent earns gross commission is Rs. 145000/-. he has shown his total income Rs. 118000/- and submitted ITR in Form No. 4S for the FY 2010-11 AY 2011-12. what will be the net effect for this error ?
Dintakurthi Tirumala
(Expert)
03 February 2012
I don't found any error. As per section 44AD minimum income should be 8% on gross Receipts i.e Rs.11,600 only but he offers Rs.1,18,000 i.e more than minimum requirement so no mistake or error found.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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