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Investment in lic since 2010

341 views 18 replies

Mahesh Kapadia

194 Points Posted on 16 April 2020

My small tuition class I am not maintaining any books of accounts I have only saving accounts and I file ITR 4 as my total receipt is nearly 500000 and I calculate tax u/s 44ADA i. e @ 50%
Now quarry is how can I disclose my investment in lic since 2010 @ premium annually 50000

Replies (18)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 April 2020

Are maintaining Balance sheet for Your filings...?!

Mahesh Kapadia

194 Points Posted on 16 April 2020

Ya, profit and loss and balancesheet as well as capital account

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 April 2020

You can show the amount in investments heads...

(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).

Mahesh Kapadia

194 Points Posted on 16 April 2020

In my savings account there are cash withdrawals how to ajust it in my above-mentioned accounts

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 April 2020

If it's personal then account under capital account...

Mahesh Kapadia

194 Points Posted on 16 April 2020

To apply for loan final accounts are required therefore I prepare for it.

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 April 2020

Ask details to bank...

Mahesh Kapadia

194 Points Posted on 16 April 2020

OK thanks if I found any quarry then will you help me?

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 16 April 2020

Yes., With pleasure.

Generally BS and PandL is not required for presumptive taxation scheme. I'm case bankers ask the same then we (may be with consultants) can prepare the details...

Mahesh Kapadia

194 Points Posted on 16 April 2020

You mean I have to give only taxable income and no need to upload any other details like p/l and balancesheet.

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 17 April 2020

No., it's not mean that.

You can upload as per Your details.

Mahesh Kapadia

194 Points Posted on 17 April 2020

You replied that
Generally BS and PandL is not required for presumptive taxation scheme then it is only for me or while filing return it is required?

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 17 April 2020

You can prepare / provide BS and PandL. No more problem. As ITR 4 BS details required of some values...

Before preparing better to match the ITR details.

Mahesh Kapadia

194 Points Posted on 17 April 2020

OK thanks I want to make all details ready before to start filling ITR. But for my clarification is there is any statutory requirement to upload Pl & balancesheet