Where to show lic com. in itr-4

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Varsha (Querist)

29 July 2013 For the AY 2013-14, the income is frm shop & LIC Com. income. I'm filling ITR-4,but in excel sheet i'm not getting the column where to write Com. income amt. so plz help me out

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 July 2013 You may find under the head of Other income-
an item as -Commission. Part A- Schedule P&L
.

Varsha

Varsha (Querist)

29 July 2013 Sir, it is for where regular books of account is maintained. bt in my case regular books of account are not maintained

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 July 2013 Income from Shop -means Rental Income or is it a retail shop ?
.

State the commission amount.
.

Varsha

Varsha (Querist)

29 July 2013 It is a retail shop & Com. amt is Rs.15129

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 July 2013 Can I guide you on the basis of ITR-4 ?
.
You can show the income from Shop U/s 44AD directly in Item No 33i. Schedule BS.

.
Apply Regular books- case for commission income.
.
Show Income under Commission.
.
Show expenses -Other Expenses Head 5043.
Assuming you do not have bifurcation of LIC Commission Income.
.
Net Commission Income 10086+ 44AD income will be the Business Income .

Ganeshbabu K

Ganeshbabu K (Expert)

29 July 2013 1)opt for ITR4

2)IN CASE OF BOOKS OF ACCOUNTS NOT MAINTAINED PROVIDE COMMISSION AMOUNT IN SHEET P&L IN THE "NO ACCOUNTS MAINTAINED" UNDER SERIAL NO. 51 OF SHEET P&L

3)Please note commission income is business income so we can show this in P&L...

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