Commission Income and Account U/S.44AA
This query is : Resolved
Mahabir Prasad Agarwal
(Querist)
29 December 2020
If I show my entire LIC Commission of 2,50,000/- as income, then also, may I liable to maintain account u/s.44AA and fill Balance sheet and Profit and Loss a/c in ITR 3 ?
KAVIRAJA ADDANGADI
(Expert)
29 December 2020
Since commission is less you can file itr_1 declare full commission as income , if you need to claim expenses need to file itr_3 fill cash bank balance, receivable and payable details in itr_3
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