lic agents ...which ITR to be filled

205 views 6 replies
lic agent with other tution income

which ITR to be filed


kindly help
Replies (6)

ITR 3

 

I think itr 4 suites u as u have tuition and commission also
pls clearify ITR FORM 3 or ITR FORM 4

ITR4 getting defective notices for commission income. If you don't mind that..... can choose ITR4.

Otherwise ITR3 with books maintained case..... with P&L acc & BS details is best option.

But what if books are not maintained and audited by LIC agent for the LIC Commission and tuition income?

As per sec. 44 AA(2) of IT act, books are required to be maintained ...

Maintenance of accounts by certain persons carrying on profession or business.

44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.

(2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—

 (i)  if his income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year; or

(ii)  where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ten lakh rupees, during such previous year; or

(iii)  where the profits and gains from the business are deemed to be the profits and gains of the assessee under section 44AE or section 44BBor section 44BBB, as the case may be, and the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year; or

[(iv) where the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,]

keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act:


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register