Insurance commission
This query is : Resolved
02 May 2016
My earning is from Insurance Commission only, which ITR I should file?
CA Himanshu Ojha
(Expert)
02 May 2016
Insurance commission is a business income. Accordingly you have to file ITR 4
03 May 2016
Yes you should file ITR-4 but if it is very small amount you can file ITR-2 also and show this income as Income from OS.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
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KAVIRAJA ADDANGADI
(Expert)
03 May 2016
Insurance commission is business income, so you have to file ITR -4 there is no provisions to file ITR-4s, so I request not to give wrong answers.i request expert not comment on others opinion by specifying name, qeriest expert enough to judge the answer.
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03 May 2016
Thank You Mr. Kaviraja....
03 May 2016
Thank you Abhishek Sir, for replying my all queries regarding my Income tax Return filing.
03 May 2016
Abhishek Sir can you file our ITR. I am sending you my details at your e-mail id. Please file it and send me you fee amount. Thanks in Advance.
Rupesh Jain
(Expert)
05 May 2016
The income from insurance commission falls under the head "Income from business or profession " .
CBDT vide its circular no 648 dt 30/3/1993 has allowed ad-hoc deduction to those having gross receipt of commission below Rs 60,000.
As per the circular
How much deduction if commission is less than Rs 60,000 in a year?
1. In case of LIC Agents
First Year Commission Ad Hoc Deduction 50 % of first year deduction. maximum Rs 20,000
Renewal Commission 15 % of renewal commission ,maximum Rs 20,000
1st Yr + Renewal Commission (If separate figures are not available) 33.33 % of gross receipt.
Bonus Commission NIL
if your commission is exceeds Rs.60000/- then you have to maintain books of accounts. and you have to file ITR-4
CBDT vide its circular no 648 dt 30/3/1993 has allowed ad-hoc deduction to those having gross receipt of commission below Rs 60,000.
As per the circular
How much deduction if commission is less than Rs 60,000 in a year?
1. In case of LIC Agents
First Year Commission Ad Hoc Deduction 50 % of first year deduction. maximum Rs 20,000
Renewal Commission 15 % of renewal commission ,maximum Rs 20,000
1st Yr + Renewal Commission (If separate figures are not available) 33.33 % of gross receipt.
Bonus Commission NIL
if your commission is exceeds Rs.60000/- then you have to maintain books of accounts. and you have to file ITR-4
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