Lic commission as business income
This query is : Resolved
DHARA SHAH
(Querist)
21 June 2013
I HAVE LIC BUSINESS AND MY TOTAL COMMISSION OF THE YEAR IS RS. 1,20,000/-
NOW WHEN I SAW COMMISSION INCOME IN BUSINESS & PROFESSION HEAD, THEN IT DOESN'T ACCEPT IT AS MY TOTAL COMMISSION EXCEEDS RS. 60,000/-
SO HOW CAN I SAW MY BUSINESS INCOME??
CAN I FILLED RETURN BY SHOWING LIC COMMISSION AS MY OTHER INCOME?
NOW WHEN I SAW COMMISSION INCOME IN BUSINESS & PROFESSION HEAD, THEN IT DOESN'T ACCEPT IT AS MY TOTAL COMMISSION EXCEEDS RS. 60,000/-
SO HOW CAN I SAW MY BUSINESS INCOME??
CAN I FILLED RETURN BY SHOWING LIC COMMISSION AS MY OTHER INCOME?
Rupesh Jain
(Expert)
21 June 2013
no it is your profession incme
pls prepare profit and loss a/c
then file return in ITR-4 under business income
pls prepare profit and loss a/c
then file return in ITR-4 under business income
Message likes :
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CA Kapil Verma
(Expert)
21 June 2013
agreed with the expert , you should make P&L and show as professional receipt.
Message likes :
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