Insurance Advisor filling of ITR

This query is : Resolved

Murtaza I Bhagat (Querist)
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11 August 2009 Dear sirs,
Pls tell me if Insurance Advisor gets only Commission for their service.
So,they have to fill ITR-4 and Gross Receipt,Gross Profit & Net would be same or not ? and
if they also spend money for expenditure of Tea,Cellphone,Petrol etc. could they can written down this exp. amount in Expenses bracket or not ? if they do (or if its right) the Net Profit will be reduced.
and one thing if income & Expenditure will have to Prepare for it ? Its easy but while Preparing Balance sheet its tough.
Pls tell me sirs while creating/Starting Balance for the first year for Insurance Company Advisor's Balance where we have to Put Capital, Assets & Bank & Cash Balance ?
i.e how seems that Advisor Balance Sheet?

I am more Confuse if you are not giving reply so Pls sirs give me the reply of my query. if you dont understand i will raise my query clearly

Thanks for your reply in advance

Thanks in Advance

Gokul

Gokul (Expert)
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12 August 2009 Whether Insurance adviser receive only commission but his service as Insurance adviser is a profession so his Income by way of commission from insurance company concider as income from Profession so his/her return should be file in ITR-4 form.

Insurance adviser can claim expenses like tea exp. printing & statiuonary, telephone exp., petrol exp., Depreciation on vehical (if available), office rent, dep on furniture, office equipments etc. so Gross Receipt,Gross Profit & Net wouldn't be same. you can show his assets what he have used for the profetion. u can show his liabilities. and balancing amt will be his capital.

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