Revathi
MBA Pursuant
[ Scorecard : 80]
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Posted On 16 July 2009 at 21:37
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Hello,
Can any1clarify me of which ITR form need to be used if an assessee has both salary and insurance commission. Also let me know if any deduction is available for insurance commission exceeding Rs. 60000 in a previous year. Plz let me know at the earliest. plzzzzzzzzz
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CA Devanshi Gandhi
ACA, Mcom, IFRS Compliance
[ Scorecard : 7350]
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Posted On 16 July 2009 at 23:27
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ITR 4
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sathikonda anumanchipalli
Tax Consultant
[ Scorecard : 831]
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Posted On 18 July 2009 at 19:49
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Ms.Revathi
and
CA Devanshi Gandhi
If the Commission paid by an Insurance company to an agent exceeds Rs.60,000/- that agent is not eligible to claim adhoc deduction as provided in the CBDT Circular published in 201 ITR. In such a case the Agent has to maintain books of account and has to keep relavant records, vourchers other supporting doucments for the expenditure claimed to be incurred by him. In the absence of books of account and supporting doucments for the expenditure an agent whose commission exceeded Rs.60,000/- cannot claim any deduction from his gross commission.
Best Wishes
Sathikonda
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chintan mehta
CA Final
[ Scorecard : 379]
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Posted On 18 July 2009 at 19:56
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ok
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CA Vinay Saraf
CA
[ Scorecard : 142]
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Posted On 18 July 2009 at 23:25
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itr 4 and no deduction will be available
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vkbothra
Tax consultant
[ Scorecard : 76]
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Posted On 18 July 2009 at 23:27
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ITR - 4 is applicable for the user who having both salary and commission ;)
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