Investment in lic since 2010

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)
Quick Summary
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.

Are maintaining Balance sheet for Your filings...?!
Ya, profit and loss and balancesheet as well as capital account
You can show the amount in investments heads...

(Generally BS and PandL is not required or not applicable for presumptive taxation scheme).
In my savings account there are cash withdrawals how to ajust it in my above-mentioned accounts
If it's personal then account under capital account...
To apply for loan final accounts are required therefore I prepare for it.
Ask details to bank...
OK thanks if I found any quarry then will you help me?
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...
You mean I have to give only taxable income and no need to upload any other details like p/l and balancesheet.
No., it's not mean that.

You can upload as per Your details.
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?
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.
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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details