Investment in lic since 2010

This discussion addresses how a small tuition class owner, filing ITR-4 under the presumptive taxation scheme (Section 44ADA), can disclose their LIC investments made since 2010. The user is seeking clarification on whether a balance sheet and profit & loss account are mandatory for presumptive taxation and how to accurately report their LIC premiums, especially when their previous tax consultant allegedly misrepresented figures. The advice suggests that while generally not mandatory for presumptive taxation, these documents might be required by banks for loans, and it's best to consult a tax expert or ensure all details submitted match supporting documentation.