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

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This query is : Resolved

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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)

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)

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)

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)

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

BISWAJIT MAIKAP

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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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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