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

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This query is : Resolved

BISWAJIT MAIKAP (Querist)
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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)
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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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