Income tax
avneesh
(Querist) 19 August 2012
This query is : Resolved
a person is agent of lic. he received total commission Rs. 350000 so tds has been deducted Rs. 35000. now he want to fill return.
additional information is-:
Deduction of 80C available - 55000
he want to claim exp. - 115000
he want tax liability - nill
he want refund - toatal 35000
he is earning same amout from last two a/y
Please provide us-
1- which ITR is required
2- Can I file Itr 2,and i can claim exp.
3- if I file itr 4 than balance sheet and p/l is mandary or not
4- if i file itr 4 how much capital can take
5- if i file itr 4 what is business category
email- avneesh.bibhu@gmail.com
Vikky Vasvani
(Expert) 20 August 2012
You need to file ITR-4
Prepare Income & Receipt Statement is required ,total receipt is more than exemption limit..
Claim Exp. as per Income Tax rules.
You can file ITR-2 also if asessee is doing another business work showing this income as Other Income..
Claim Exp. as per Income Tax rules.
Adv.Ashwini Khatri
(Expert) 20 August 2012
Dear Aveesh, I your case u have to file only ITR-4 return because u r claim expenses and your gross receipt form LIC is more than 60000/- so after claiming your expenses and deduction you can get refund from IT department. Thank U.-advocate.khatri@ymail.com
