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lic agents ...which ITR to be filled

Brajpal Singh (Finance Professional) (12 Points)

22 July 2018

lic agent with other tution income

which ITR to be filed

kindly help

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195583 Points)
Replied 22 July 2018

ITR 3

1 Like

VENU R Prabhu (311 Points)
Replied 22 July 2018

I think itr 4 suites u as u have tuition and commission also

Brajpal Singh (Finance Professional) (12 Points)
Replied 23 July 2018

pls clearify ITR FORM 3 or ITR FORM 4

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195583 Points)
Replied 23 July 2018

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.

J S BHAVSAR (CONSULTING) (1315 Points)
Replied 31 July 2018

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

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195583 Points)
Replied 31 July 2018

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: