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It filing assistance for insurance agent

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 May 2012 Hi,

I am an insurance advisor and last FY i have earned commission of Rs. 14 lacs. However i have not prepared any books of accounts.

my queries are:

1. Which ITR form is reqd for filing tax for insurance agent having commission income?

2. Since audited balance sheet is not applicable, can i make a book of expenses and income with date wise entries supported with bills / vouchers as expenses for procurring the business. The difference of Income and expense = Profit which is applicable for taxable income.

3.The taxable income thus arrived, shall file the ITR on the basis of my calculation.

pls advise will it be correct to do so as i donot wish to give my case to any CA.

rgds

naz
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
24 May 2012 1. ITR 4 is applicable.

2. Since you are not liable for tax audit, you can file your return on your own. Your method of calculation of income is correct.

3. However, you are required to maintain books of accounts.
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