Problem in filling itr

This query is : Resolved

Saroj Yaduvanshi (Querist)
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07 August 2014 Is there any minimum profit margin for individual earning income as commission income from birla sun life insurance. this will be taxable under business income or not?

Rupesh Jain

Rupesh Jain (Expert)
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07 August 2014 it will taxable under the income from business and profession head.

Saroj Yaduvanshi

Saroj Yaduvanshi (Querist)
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07 August 2014 how much minimum profit % to be shown in itr

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2014 you need to show the actual profits. no minimum percentage is required

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 August 2014 Commission Income will be taxable under the head Profit and Gains of Business or Profession. ITR 4 needs to be filed. No minimum percentage of profit required to be declared.

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Saroj Yaduvanshi

Saroj Yaduvanshi (Querist)
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07 August 2014 client is receiving income from birla sun life insurance co. tds has been deducted in section 194d . so my query is where to show this income and client is small so doesnt keep any books of accounts therefore actual profit is unknown to him. how much profit i should show such that taxility is minimum

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2014 income will be shown in ITR4! as income from services.

The books of accounts if your client satisfies conditions under 44AA shall have to be maintained.

With regards to the level of income, sorry friend cannot help you with the part of job where you need to apply your own mental faculties.

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