Lic agent earning commission income of 1.05lakhs

Save Share

This query is : Resolved

Khushbu Jain (Querist)

15 July 2018 For AY 2018-19 wanted to confirm a few items mentioned below-
1) Which ITR to be filed - ITR 3 right
2) As she does not maintain proper records so in BS & PL so her details fall under NO ACCOUNT CASE. On what basis she can claim expenses since in the past she was getting 50% deduction of new insurances and 15% for renewal policies.
3) Apart from that she has invested in share market. Do i need to disclose worth of shares she is holding? Also do we need to disclose dividend income, if yes where?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

15 July 2018 1. ITR-3

2. No hard and fast rules.

3. Not to show share holding. Disclose dividend in 'exempted income' column.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

15 July 2018 For commission you have to file ITR 3

Capital gains profit or loss to be declared only after sale or realisation of security
Dividend received from domestic companies in excess of Rs10 lakh attracts tax @ 10% under Section 115BBDA .other wise Exemption under section 10(34) is granted to dividend received from an Indian companies.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now