Lic commission income tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 January 2013
sir,i received Rs.2,50,000/- LIC commission.can i file IT return by showing presumptive income @ 60% of profit ie.Rs.150000/- in ITR4,by taking Rs.100000/- expences directly in expences column.
CA Harish Suwalka
(Expert)
27 January 2013
if you have recieved commission income than you can not file return on presumtive basis, how ever you can claim expenses like fuel, telephone, sub-commission etc. so can claim all these expenses and file your return
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