Lic agent comm.& salary income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2014
Hi,
I am having income from Salary and income from LIC Commission (As Agent).Which ITR Should i use to file income tax return for AY 14-15.Under which head shoul i show commission income.Actually Exp to generate business is more than the commission received from LIC.Can this loss be adjusted with salary income.
Thanks in Advance
I am having income from Salary and income from LIC Commission (As Agent).Which ITR Should i use to file income tax return for AY 14-15.Under which head shoul i show commission income.Actually Exp to generate business is more than the commission received from LIC.Can this loss be adjusted with salary income.
Thanks in Advance
Ganeshbabu K
(Expert)
05 June 2014
commission income is business income and loss cannot be setoff against salary income
.
.
file ITR4
.
.
commission income as profit and gains from business income shown in p&L sheet
..
salary in salary sheet which may be found in PartB sheet
.
.
file ITR4
.
.
commission income as profit and gains from business income shown in p&L sheet
..
salary in salary sheet which may be found in PartB sheet
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