Insurance agent
avneesh
(Querist) 28 July 2013
This query is : Resolved
a person is agent of Life Insurance Corporation (L.I.C.). his total commission of A/Y 2013-2014 is Rs. 10,00,000.and also same(approx) in last five years.
but he filed return without balance sheet(not shown capital, asset) in past years. while he has asset amount Rs. near about Rs. 20,00,000 form past
Question-:
1.- what will be treatment of capital and other assets
2- now he can show is capital in full value or not
3- please provide solution
malipeddi jaggarao
(Expert) 29 July 2013
What assets of Rs.20 lacs? What type of business the LIC agent is doing? He can show this income out of consultancy for which he has to file Balance sheet and Income and Expenditure Statement along with the tax return. But if he wants to show the entire income invested in assets tax people will not accept. Better consult a local tax consultant and file returns properly hereafter.
Rajendra K Goyal
(Expert) 29 July 2013
Income and expenditure statement with the balance sheet need to be filed in online IT return. If any income is received from capital it is to counted in income. Depends upon the capital and assets how these are to be shown in the return. Better take the assistance of CA or Taxation Advocate.
R.K Nanda
(Expert) 29 July 2013
contact ur CA.
