194d insurance commission itr4 filling clarifications-reg.,

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 Sir,

My Working in LIC Agent He getting Rs. 4,50,000 for the F.Y 2014-15 and also LIC debited and issued form 26AS for Rs.45000.

In this situation He claimed the Total TDS Amount of Rs.45000/- if possible.

individual Exempted Income ---- 2,70,000

Balance amount(Expenses) ---- 1,45,000

Balance Taxable Income ---- Rs.35000

Now he claim the business exp for TDS Refund.. its possible for IT.

He is having no other savings Like 80C * others.

Otherwise pls give instruction for claiming the correct way.

Thanking you.

R.Iyappan
9894818701

Amol S Joglekar

Amol S Joglekar (Expert)
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27 August 2015 claiming full refund of 45000 may prove to be bad in subsequent years. Pay income tax at least 5000-10000 and claim the rest 35000- 40000 refund.
income 450,000
expenses 150,000
net profit 300,000
tax 5000... likewise you can claim.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 Thanks For Your information.

If any minimum profit % Required for shown in ITR 4

Amol S Joglekar

Amol S Joglekar (Expert)
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28 August 2015 No such guideline. For small insurance agent, there was one circular where they can claim 50% as expenditure. But when the amount goes beyond say 100,000, the expenditure % goes on reducing.
Expenses at actuals would be a good strategy

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