Need guidelines for filing itr-4 (fy-2011-12) for lic agent.

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Supremo Vinod Shah (Querist)
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04 July 2012 Sir,
I want to file ITR-4 for financial year 2011-12 (AY-2012-13)as LIC agent. Kindly guide me necessary points to be kept in mind before filling the ITR-4.
1.What's are mandatory requirements before filing this?
2.What sections of ITR-4 needs to be filled compulsory?

Early reply requested.

Thanks.

V K Bajaj

V K Bajaj (Expert)
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04 July 2012 The following home work be done before you start with form IV:

a. Know the gross income from LIC and TDS thereupon.
b. Form 16A
c. Cross check the amount of TDS in FORM 16A and on Form 26AS. If matches then proceed. If not matched then know which one is correct.
d. Know Income from other sources: Rental income, interest on saving, interest on Fixed Deposits, Interest income from others, profit or loss from shares, dividend etc.etc.
e. Work out your total tax liability and then know the balance tax payable (total payable minus TDS). Pay balance taxes by yourself.

f. You need not to mention any section on Form IV.

VK Bajaj
contact@vkbajaj.co.in

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Supremo Vinod Shah

Supremo Vinod Shah (Querist)
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04 July 2012 Thanking you sir for your quick response. Kindly help me out to solve the following queries also:-
1. Under which sector LIC agent belongs i.e. Commission Agent (Code-0301) or professionals or service service sector?? What is exact code to be used for LIC agent while filing ITR-IV??
2. Which part of ITR-IV needs to be filled by LIC agent???
3. Is CA certificate necessary if total annual turnover of LIC agent is upto 50lakh?

V K Bajaj

V K Bajaj (Expert)
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04 July 2012 1. Commission Agent: You can also opt as Professional as this field provides flexibility to some extent.

2. All parts and pages be filled as as applicable. Nothing can be said now without knowing detailed figures and nature of other income.

3. Yes

V K Bajaj
contact@vkbajaj.co.in

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