can u pls help me on taxability of commision of LIC Agent. As his gross recipt from lic does not exceed 5,00,000 during the year.
and he does not have income from any other sources of income.
does he have to maintain boks of acount..
if no can he file the return in NO BOOKS OF A/C .
as he does not having b/s item what he will fill in B/S
Mr.Mrituanjay
An LIC Agent whose gross receipts of commission exceeds Rs.60,000/- can not claim any expenditure as deduction unless he maintains books of account. Please refer CBDT circular published in 201 ITR.
Best Wishes
Sathikonda
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