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LIC IT RETURN

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)

20 August 2020

WHICH ITR RETURN TO BE FILED BY LIC AGENT. CAN WE FILE ITR4.

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 August 2020

A person who earn income as commission and brokerage can not file Form ITR 4.

In your case, if the Income from LIC commission is one time and/or casual in nature (some time it may be there and some time it may not be there) then it needs to be considered as income from other sources. And you can file Form ITR 1/2 for same

However, if the income from LIC commission is going to be substantial, every year and year after year, if it's regular in nature, like this year and thereafter if every year you will going to receive this income, than such income shall fall under income from business. And you can file return ITR 3 for same

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