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Query regarding LIC

(Querist) 24 August 2012 This query is : Open 
a agent of life insurance corporation of india have earned total commission of Rs. 20,00,000. he is not maintaing books of a/c

question-

1-he can use itr 4

1- there may be any panalty for non maintaining books of a/c

2- he can claim 60% exp. of gross receipts


5- otherwise how much exp. can claim

6- tax audit is applicable

7- b/s and p/l is not fill in itr 4 any panlty of harmful


avneesh.bibhu@gmail.com


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