Can I show the Insurance commission income in profit&loss account in itr-3?
This query is : Resolved
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BISWAJIT MAIKAP
(Querist)
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.
BISWAJIT MAIKAP
(Querist)
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.
BISWAJIT MAIKAP
(Querist)
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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