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IS EXPENSES /DEBIT LOSSES ELIGIBLE OF AN INSURANCE AGENT COMMISSION INCOME

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This query is : Resolved

BISWAJIT MAIKAP (Querist)

28 June 2022 An Insurance agent received commission from an insurance company. He has lot of expenses. like fuel Expenses, Rent expenses, Conference expenses, Gift Expenses etc. But , Now in ITR -3 his commission Income has Automatically reflected in Other Sources Income Table , But there are no option to show above said expenses. So , My Question is , Can I show his commission income in commission head as credit profit and show expenses as debit losses in Profit Loss Table in ITR-3 (column no. 16-61 Book account) and can I Remove the automatic reflected Commission income from Other sources income table?

If yes , Then How many maximum % expenses can debit loss of his Gross commission received?

CA Puja Sharma

CA Puja Sharma (Expert)

28 June 2022 You can remove the income from other sources and report it under the head income from business/profession.
You can adjust all the business expenses with the commission income.

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