POST OFFICE RD INCOME AND LIC AGENT

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies how Post Office and LIC commission agents should file their Income Tax Returns (ITR). It confirms that commission income falls under business or profession and advises using ITR 3. Specific guidance is provided on where to show Post Office commission income within ITR 3, suggesting Schedule TA, part A, under 'Sale of Services'. For agents whose total income doesn't exceed Rs. 2.50 lakhs, the option of filing under a 'No account case' is also explained, with instructions on locating this section in the relevant schedules of ITR 3.

raghavendra b

raghavendra b (Querist)
Follow

19 September 2021 DEAR SIR,

WHICH ITR SUITABLE FOR POST OFFICE RD COMMISSION INCOME AND LIC AGENT IF ITR 3 WHERE TO SHOW POST OFFICE COMMISSION INCOME FOR LIC COMMISSION WITH ADHOC DEDUCTION CAN ENTER THE DETAILS OF INCOME. BUT POST OFFICE COMMISION WHERE TO SHOW IN THE ITR 3.

HIS INCOME FROM POST OFFICE IS 102240 AND LIC COMMISION INCOME IS 22022.

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2021 File ITR 3.
Fill the commission income in Part A of 'Schedule TA' .. under ii) Sale of Services..

raghavendra b

raghavendra b (Querist)
Follow

19 September 2021 THANK YOU SIR,

SHE IS JUST A COMMISSION AGENT IS NEED TO FILL P & L A/C FOR AND BALANCE SHEET THE COMMISSION FALL BUSINESS OR PROFESSION INCOME

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2021 Yes, the commission is business income. As the total income is below 2.50 lakhs, it can be filled in 'No account case' also.

raghavendra b

raghavendra b (Querist)
Follow

19 September 2021 THANK YOU SIR,

YES HER INCOME WHOLE YEAR DOES NOT EXCEED 2.50 LAKHS WHERE TO SELECT NO ACCOUNT CASES IN ITR 3

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 September 2021 In Schedule 'Profit & Loss' last tab " No account case", Sr. no. 64(i); While in schedule BS, Tab C; Sr. No. 6.

raghavendra b

raghavendra b (Querist)
Follow

19 September 2021 THANK YOU SIR,

I AM FILING USING WINMAN SARAL SOFTWARE THE INFORMATION IN FILL GIVEN ABOVE NOT ELSEWHERE TO FIND SIR,

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

22 September 2021 All the software are programmed on same principle, so there is no question of not existing 'No accounts case' data columns. Check properly, or call Winman helpline.

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