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

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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

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