Itr form

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PRADIP (Querist)
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15 August 2011 IN CASE OF ISURANCE COMMISSION WHAT WE HAVE TO FILL IN ITR 4. IS AN INSURANCE AGENT REQUIRES TO MAINTAIN BOOKS OF ACCOUNTS IF, YES AFTER WHAT LEVEL OF COMMISSION REC.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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15 August 2011 I Suggest You to Fill ITR2, and show it as other source income & claim dedn u/s57 for expenses.
and regarding ur query books of a/c only form 16A required if tds deducted or bank account commission credit can also be say as books of account.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 August 2011 Insurance agency is 'business' according to ICAI publication.
Being business, again it comes under 'eligible business' and accordingly section 44AD applies.
Therefore,assessee can opt presumptive taxation meaning thereby income offered should be not less than 8% of the commission provided total commission is less than 60/- lakhs per annum. Form prescribed is ITR-4S.
If the commission is more than 60/- lakhs per annum, books of account have to be maintained and accounts are to be audited u/s 44AB of the Income tax Act,1961.

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PRADIP

PRADIP (Querist)
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16 August 2011 as i have seen in cnbc awaaz it was said that insurance commission is an professional income & we cannot show it u/s 44ad, as it is professional income not business income.

what is criteria for keeping books in this case as i am claiming expenses towards commission income.