RECEIPTS FROM U/S 194H
This query is : Resolved
28 December 2021
DEAR SIR,
ONE OF MY CLIENT IS SALARIES EMPLOYEE IN POST OFFICE, AND ALSO DOING POSTAL LIFE INSURANCE AGENT HIS SALARY INCOME IS MORE THAN 500000/- HIS RECEIPTS FROM INSURANCE AGENT MORE THAN 425630/-.
SO IN THIS CASE WHICH ITR IS SUITABLE FOR FILING IT RETURNS WHETHER IT MAY BE ITR 3 OR ITR 4. ITR 1 IS NOT APPLICABLE FOR HIM BECAUSE TDS DEDUCTED U/S 194H.
SOME TIME POSTAL DEPARTMENT ASSAIGN TO EMPLOYEES BY INDIVIDUAL INTEREST THEY CAN DO WORK AS INSURANCE AGENT NOT COMPULSORILY.
PLEASE CLAFIFY ME
YOUR GUIDENCE MUCH APPRECIABLE
REGARDS
ONE OF MY CLIENT IS SALARIES EMPLOYEE IN POST OFFICE, AND ALSO DOING POSTAL LIFE INSURANCE AGENT HIS SALARY INCOME IS MORE THAN 500000/- HIS RECEIPTS FROM INSURANCE AGENT MORE THAN 425630/-.
SO IN THIS CASE WHICH ITR IS SUITABLE FOR FILING IT RETURNS WHETHER IT MAY BE ITR 3 OR ITR 4. ITR 1 IS NOT APPLICABLE FOR HIM BECAUSE TDS DEDUCTED U/S 194H.
SOME TIME POSTAL DEPARTMENT ASSAIGN TO EMPLOYEES BY INDIVIDUAL INTEREST THEY CAN DO WORK AS INSURANCE AGENT NOT COMPULSORILY.
PLEASE CLAFIFY ME
YOUR GUIDENCE MUCH APPRECIABLE
REGARDS
28 December 2021
File ITR 3.. Declare the insurance commission income under head 'PGBP'
28 December 2021
Thank you sir,
Can we file without books of account cases
Itr3 and file below taxable limit
Regards
Can we file without books of account cases
Itr3 and file below taxable limit
Regards
28 December 2021
How can it be below taxable limit, when aggregate income is above basic exemption limit?
File ITR 3 with P&L acc & BS. Its not very difficult.
File ITR 3 with P&L acc & BS. Its not very difficult.
28 December 2021
Thank you sir,
Means He is not a professional as per u/s 194h, he is render service behalf of his department now his receipts from his incentives and deduct expenditure on his income
Regards
Means He is not a professional as per u/s 194h, he is render service behalf of his department now his receipts from his incentives and deduct expenditure on his income
Regards
28 December 2021
Yes, that is the only correct way .
28 December 2021
Thank you sir,
Because his salary income 502963 standard deduction -2400 pt 150000 u/s 80c, after that incentives 402580 less actual expenditure on his income May have come under exemption limit so that's why because so I said sir
Regards
Because his salary income 502963 standard deduction -2400 pt 150000 u/s 80c, after that incentives 402580 less actual expenditure on his income May have come under exemption limit so that's why because so I said sir
Regards
28 December 2021
Salary income after deductions, itself will be more than 2.50L.
You must file return to claim expenditures... no excuse.
You must file return to claim expenditures... no excuse.
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