For ay 2017-18, pl & bs mandatory or not for lic agents ?

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Nothing
2000 Points Joined June 2012

Actually for last few months Income tax department ( CPC BANGALORE ) issues huge notices u/s 139(9) as defective return ( FOR LIC AGENTS only ) of ay 2016-2017 for not providing figures of Profit & Loss account and Balance sheet in their original return ( ITR 4 ) while submitting .

Generally i use for LIC agents ( earning commission from rs 30000/- to rs 200000/=) smaller part of the return ( ITR -4 ) i.e, Gross receipts -- Gross profit -- expenses -- Net profit Portion instead of providing figures in Profit & Loss a/c and balance sheet .

My question :

Do you think that is it necessary for ay 2017-2018 , to provide all the details of PL AND BS for all kinds of LIC agents earning commission from Rs 30000/- to Rs 200000/= ??

Is it necessary to prepare profit and loss account and balance sheet mandatory for all kinds of LIC agents ? or

Can i submit return without pl and bs for all kinds of LIC agents earning commission from Rs 30000/- to Rs 200000/= for ay 2017-2018 ??

 

Thanks 

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On 26 April 2017 at 21:23 Report
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better prepare profit and lost a/c and bs

less changes of issues  notices u/s 139(9) as defective return 

and refund will  process fast

no need to make fallows up with income tax

so save ur cost 

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On 26 April 2017 at 21:27
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Nothing
2000 Points Joined June 2012

It's quite impossible to prepare pl and balance sheet for every LIC agents earning commission of Rs 30000/=.

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On 26 April 2017 at 21:30
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Job
1865 Points Joined April 2017
lic agents are not entitled for presumptive income scheme. you have to provide detailed bs and pl
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On 26 April 2017 at 22:31
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kolhapur
175 Points Joined May 2015
you have to prepare financial statement and file itr 4 since lic agent is not eligible for filing itr 4s
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On 26 April 2017 at 22:41
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Nothing
2000 Points Joined June 2012

If a LIC agent earning commission more than Rs 2 lacs then it's ok but if a lic agent earning commission of rs 30000/= then a little bit problem to prepare pl and bs for ay 2017-2018.

 

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On 27 April 2017 at 11:09
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CA Final Student
62 Points Joined October 2007

If LIC agen earns small commission, show the gross commission in PL as gross amount received and dont show any expenses and the profit will be the same commission amount. In the Balance Sheet show the TDS amount Other Current Assets and same amount under Capital Account. 

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On 27 April 2017 at 12:19
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Nothing
2000 Points Joined June 2012

OK , i like this approach but one thing then total amount of capital sholud be low bcoz assests consists of only Cash in hand , cash at bank and TDS amount .

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On 28 April 2017 at 15:40
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CA
23 Points Joined April 2017

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On 28 April 2017 at 16:56
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Nothing
2000 Points Joined June 2012

What is this Kumud ?   who are you ? please get out from here ...out...

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On 28 April 2017 at 18:21
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2 Points Joined June 2017

WHICH ITR WILL SUITABLE FOR LIC AGENT? WHAT SHOULD FILL UP IN ITR 3 TR_ FA. PLZ REPLY.

 

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On 10 June 2017 at 11:07
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Nothing
2000 Points Joined June 2012

LIC agency is profession , so ITR -4 applicable for that .

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On 10 June 2017 at 15:19
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Nothing
2000 Points Joined June 2012

Sorry i was wrong , ITR -3 is applicable for lic agents for ay 2017-2018.

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On 15 June 2017 at 09:53
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2 Points Joined June 2017

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On 15 June 2017 at 16:04


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