P&l a/c & b.s. details in itr-4

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Dipak Gulhane (Querist)
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10 June 2012 My most of clients are LIC or similar Commision agents...They dont maintain any record for the expenses or assets.. Most of them have Income above 5,00,000....Can any expert advice me that whether there will be any problem if in ITR i mention only GROSS RECEIPTS/GP/GROSS EXPENSES/NP which were required for case of non-maintainance of Accounts & DEBTORS/CREDITORS/STOCK/CASH.....?

sadashiv Rupchand Gaikwad

sadashiv Rupchand Gaikwad (Expert)
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10 June 2012 Previously section cover 44AD for LIC agents also. But now it remove with retrospective effect.You may show maximum profit ratio.

Dipak Gulhane

Dipak Gulhane (Querist)
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10 June 2012 Sir...I m unable to understand wht u said....plz give answer clearly...Dipak 7276993000

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 June 2012 Since the income exceeds Rs. 1,20,000, they are liable to maintain books of accounts. (Section 44AA)

Failure to maintain books of accounts may result in penalty of Rs. 25,000 (Section 271A).

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