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Subodh Das (Querist)

29 May 2013 Sir,

A person is work as a commission agent of of Sahara India and LIC as collection agent. The company has deduct tax under Section 194H. Which return form he has to file.

Waiting for your good response.

Urgent...

Rupesh Jain

Rupesh Jain (Expert)

29 May 2013 ITR -4

Pankaj Gupta

Pankaj Gupta (Expert)

29 May 2013 If you have any expense to claim against the insurance agency business than file itr 4. If you do not have any expense relating to this profession or your entire income is below minimum taxable limit, than file itr II. ( although itr 4 is also permissible, but it is very complicated as compared to itr II).

Subodh Das

Subodh Das (Querist)

30 May 2013 Thank You Sir Very Much.

Rupesh Jain

Rupesh Jain (Expert)

30 May 2013 YOUR CAN CLAIM DEDUCTION USER INCOME TAX
FOR LIC COMMISSION IF AMOUNT UP TO RS. 60000/-

FIRST YAER COMMISSION DEDUCTION @ 50%
RENEWAL @ 15%

IF NOT KNOW WHAT FIRST YEAR & WHAT RENEWAL THAN 1/3 OF TOTAL COMMISON
BUT TOTAL DEDUCTION NOT EXCEEDS rS. 20000/-

BUT FOR BAL. COMMISSION YOU HAVE TO PREPARE P/L A/C
IF YOUR COMMISSION ABOVE RS. 60000/-
THEN YOU PREPARE P/L
.

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