Lic Agents

Following are not allowed to file ITR Under Presumptive Income

Situation 1 – Where Gross receipts or turnover of a business or profession is more than Rs 1 crore

Situation 2 – If you fall in any of the below mentioned case you cannot file ITR-4S
- Income from commission or brokerage
- Income from Agency business
- Income from Profession – those who are carrying on profession of legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, an authorized representative, film artist, company secretary and information technology. Authorized representative means – any person, who represents someone, for a fee or remuneration, before any Tribunal or authority under law. Film Artist includes a producer, actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screenplay writer, dialogue writer, dress designer – basically any person who is involved in his professional capacity in the production of a film.
- Own more than one house property
- Earned Speculative income like winning from lotteries, horse races
- Agriculture income or exempt income more than Rs 5,000
- Have Capital gains
- Losses to be carried forward
- Holds any assets outside the country or has any financial interest in any foreign entity
- Is a signing authority in any bank account located outside India
- Any resident having income from any source outside India
- Claimed relief under Section 90 or 91