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Humble request to All Respected Members of ICAI ,, pls help me !!!!! Plsss

PALASH (Nothing) (1970 Points)

15 July 2014  

Humble request to Respected Members of ICAI ,, pls help me !!!!!!!!!!!!!

 

1)Last year ( a.y 2013-2014 ) Personal P&L and Balance sheet ( MY CLIENT IS A LIC AGENT ) prepared BY AN ANOTHER ACCOUNTANT , ALTHOUGH Net total income does not exceeds of Rs 120000/=

 

2)But this year ( a.y 2014-2015 ) his gross income also less than of rs 120000/= and when I came to know this matter ,I decide that I don’t want to maintain ANY PERSONAL PL AND BALANCE SHEET FOR THIS A.Y 2014-2015, 
BCOZ, AS PER 44AA ‘’ AS TOTAL INCOME DOESN’T EXCEEDS OF RS 120000/= IN ANY ONE OF THE 3 YEARS PRECEDING THE PREVIOUS YEARS “ no need of any PL & BS.

 

My QUESTIONS:
1)Am I right or wrong ? 
2)If I don’t want to maintain personal PL and Balance sheet for this a.y 2014-2015 , then Is there any probability of mismatch of figures between last 2 assessment years ( i.e, A.Y 2013-2014 & 14-15 )? If yes pls clarify , if no pls clarify .
3)Actually there is no books of accounts of that particular LIC AGENT, AND that’s why I just want to show smaller part option in PART –A Profit & Loss a/c in Income tax return form ( i.e, Gross Receipts RS 87050,, Gross profit Rs 87050,, Expenses –nil ,, ner Profit Rs 87050 ), so in that case am I right or Wrong ??

 

Pls response as early as possible .
Regards


 7 Replies

Yatender Singh Rawat (Tax Consultant) (101 Points)
Replied 15 July 2014

If you don't want to make a personal P&L and Balance Sheet then you can choose presumtion basis of income u/s 44AD. 

 

PALASH (Nothing) (1970 Points)
Replied 15 July 2014

Then Is there any probability of mismatch of figures between last 2 assessment years ( i.e, A.Y 2013-2014 & 14-15 )? ..


 

Rahul Sharma (Self employed) (183 Points)
Replied 16 July 2014

My recommendation is to file ITR-4

no need to maintain proper books

just fill special columns in ITR-4

Sec 44AD is not for LIC agent.

CA Keval desai (Transaction advisory service)   (231 Points)
Replied 16 July 2014

Boss you should continue and maintain personal balancesheet and P&L.

this may be bit complicated but this will surely help your client in future as you will creat his capital year on year basis. this will helpful when you take a loan. 

PALASH (Nothing) (1970 Points)
Replied 16 July 2014

Respected Members, first of all thanks a lot to all you for your valuable reply ,

but as per Rahul Sharma " no need to maintain proper books just fill special columns in ITR-4 "

as per Keval Desai you should continue and maintain personal balancesheet and P&L ".

Then i am really confused and What should i do ??

Thanks


 

Rahul Sharma (Self employed) (183 Points)
Replied 16 July 2014

Proper maintenance of books of accounts is not compolsory in your case Mr. Palash

it is up to you to maintain or not.

Point of Mr. Keval is right.

So you have to decide to maintain or not(because not composory in your case)

PALASH (Nothing) (1970 Points)
Replied 19 July 2014

Thanks a lot to all of you 


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