I am having a business of Health Services (clinical psychology counselling) and my Income is approximately INR 10 LPA. I am a 28 year old professional. I have filed income tax returns using ITR4 (For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE) for last three years. I am trying to propose a Term Plan for myself with an insurance company which is asking for computation of my income. Can my ITR4 (Sugam) be enough as a documentary evidence showing computation of income, as I do not have the same computed through a CA as my income does not fall in the auditable slab? Thanks for your comments and replies in advance.
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REQUIREMENT OF COMPUTATION OF BUSINESS BY INSURANCE COMPANY
ITR 4 is not sufficient for requirement by the insurer... You need to prepare financial statements based upon the income filed as per ITR details...
Thanks Mr. Rambhi for your reply. I can prepare the statement for last three years, but can you please let me know if a simple MSExcel statement will be enough? Do I need to get it endorsed by some CA as my business income is merely 10 LPA and as per IT Act, I am not required to get the account books audited. I am maintaining a personal book of daily income (earned into my savings account against counselling fees) and expenses incurred for maintaining my counselling business. Will a simple income versus expenditure balance table suffice for this purpose (for past three years)?
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