ITR for LIC Agent

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This discussion clarifies the correct Income Tax Return (ITR) form for an LIC agent. Given income from capital gains, bank FDs, and a small LIC commission, the consensus is to file ITR 2. This is especially relevant for claiming a refund on TDS deducted from bank interest, even if the total income falls below the taxable threshold under the new tax regime.

Ritesh

Ritesh (Querist)

25 July 2024 Hello Sir,
My sister is LIC Agent and having income form capital gain and Bank FD.
This year she just got Rs. 4000 LIC commission.
Can we file ITR 2 or we need to file ITR3

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 Any TDS deducted over commission or FD etc?

Ritesh

Ritesh (Querist)

25 July 2024 yes sir 5 K TDS is deducted by bank. Bank have give 50K Interest so the have deducted 5K TDS.
Also Profit from capital gain is around 570000
Total income will be

Profit from capital gain is around 570000
Interest on FD 50000
Income from LIC 4000
--------------------
Total income seems 624000 Which is non Taxable as per new Tax regime for AY 2024-25(FY 2023-24)
Si if we fill ITR 5 K will be refund which was deducted by bank.
But query is should we file ITR2 or ITR3 (considering 4K LIC commission)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 File ITR 2.
Hope the capital gain is from non equity based transactions.

Message likes : 1 times

Ritesh

Ritesh (Querist)

25 July 2024 Thank you sir :-)

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

25 July 2024 You are welcome.

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