tds refund
This query is : Resolved
Ajit Kulkarni
(Querist)
23 October 2010
But ITR 4 is Related foe individual person carring proprietary business
23 October 2010
Ask your friend to file his Income Tax Return in ITR-4 and if his return is NIL he will get the refund.
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Ajit Kulkarni
(Querist)
24 October 2010
Hello my friend is insurance agent. His company deducted TDS on his income. What is the procedure for getting refund of TDS. If any form is applicable then suggest.
Mayur Agrawal
(Expert)
24 October 2010
As he is doing insurance agency business, he has to file return in ITR-4,and claim office and other expenses, dep. etc.
Ajit Kulkarni
(Querist)
26 October 2010
Hello my friend is insurance agent. But he is not carrying such business in propitiatory form. His company deducted TDS on his income. and also given Form No. 16 A to my friend. What is the procedure for getting refund of TDS. If any form is applicable then suggest.
CA.Madhusudan B.P.
(Expert)
20 November 2010
Since your friend is an insuranc agent, he has earned insurance commission including new policy commission, renewal commission etc.,& the the company has deducted TDS & issued Form 16A..... correct.
He has to file the return of income in ITR 4 as it is treated as Business Income under Income Tax Act, 1961
The due date for filing the return of income for the F.Y.2009-10 is 31.07.2010 (Non tax audit)
You can file Form 30 for claiming refund, but it is not complusary to file the same.
If the total commission does not exceed Rs60000/- straightaway 50% is treated as expesnses etc.,
Also refer the link
https://www.caclubindia.com/experts/lic-agent-tax-computation-521860.asp
He has to file the return of income in ITR 4 as it is treated as Business Income under Income Tax Act, 1961
The due date for filing the return of income for the F.Y.2009-10 is 31.07.2010 (Non tax audit)
You can file Form 30 for claiming refund, but it is not complusary to file the same.
If the total commission does not exceed Rs60000/- straightaway 50% is treated as expesnses etc.,
Also refer the link
https://www.caclubindia.com/experts/lic-agent-tax-computation-521860.asp
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