Can I show the Insurance commission income in profit&loss account in itr-3?

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This discussion clarifies how to report insurance commission income in an ITR-3 filing. While it can be shown in the Profit & Loss account, it's crucial to correctly adjust the TDS section accordingly. The advice is against showing expenses in the P&L and the income under 'Other Sources' separately, suggesting instead to debit expenses under Section 57 if income is declared under 'Other Sources'.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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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 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 July 2024 Yes, you can change it but also change the head of income in TDS section against the relevant entry.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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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 ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 July 2024 Yes, if exceed the limits of TO & income as specified in the sub-section.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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