Can I show the Insurance commission income in profit&loss account in itr-3?
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12 July 2024
1) can I show insurance commission income in profit and loss account in itr-3 with All expenses?
2) There are showing by auto reflected the insurance commission income in other sources table in itr-3 . can i remove the commission income from other sources table and give the insurance commission amount in profit and loss table in itr-3?
3) can i liable for maintain accounts as per section 44AA if ,insurance commission (with all expenses)add in profit loss account in itr-3 ?
2) There are showing by auto reflected the insurance commission income in other sources table in itr-3 . can i remove the commission income from other sources table and give the insurance commission amount in profit and loss table in itr-3?
3) can i liable for maintain accounts as per section 44AA if ,insurance commission (with all expenses)add in profit loss account in itr-3 ?
12 July 2024
Yes, you can change it but also change the head of income in TDS section against the relevant entry.
12 July 2024
Thank you very much sir . Sir, one more query,
can i liable for maintain accounts as per section 44AA if ,insurance commission (with all expenses)add in profit loss account in itr-3 ?
can i liable for maintain accounts as per section 44AA if ,insurance commission (with all expenses)add in profit loss account in itr-3 ?
12 July 2024
Yes, if exceed the limits of TO & income as specified in the sub-section.
12 July 2024
sir , is it right process that, I am giving all expenses in debit side in p&L table .And credit side leave blank. Then the expenses total will reflect as Total Loss in business and profession. Then , I shall show the insurance commission income in other sources table. Then CFL will adjust with the income of other sources (insurance commission income) and p&L account? Sorry to disturb you, again asking.
12 July 2024
No. That is not correct procedure. If you declare the income u/h OS, debit expenses u/s. 57 in the same head.
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