Itr4 assessment year 2016-2017 doubts

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Ramesh Gupta

Others

27 Points Posted on 13 June 2016

Hi,

I am a software consultant for company X, and I received consultation income of around 8 lakhs in the 2015-16 financial year. I also work as a salaried employee for company Y. I am trying to fill ITR-4 by myself for the first time. I am not a registered consultant.

Do I need to fill anything in Part A-BS? I hope no. If yes, any advice/URL to fill it for software conultants?
I have all the invoices and form 16-A from the company Y and form 16 from company X. Is it all that I need to maintain? Or do I need to care about maintaining financial books like ledgers etc?
Company Y provides me some life insurance policy. But I have done my own investment of 100000 in ICICI prudential Life insurance (under Guaranteed Wealth Protector LP Plan). Is it ok for me to claim this as "life insurance" under 15 (ii) of "Profit and loss" sheet on ITR4?

Kindly let me know.

Regards,
Ramesh

Replies (3)

U S Sharma

glidor@gmail.com

21068 Points Posted on 13 June 2016

1 . you have to file ITR 4

2 . you need to maintain, but you can fill the ITR without it also, mentioning "without books" or books of account not maintained ............net profit must be more than eight percent offered for tax purpose

3. your own purchased policy would be entitled for deduction u/s 80C to the tune of 1.5 lacs ceiling, it can not be claimed as "expense" of business