tds refund

This query is : Resolved

Share Report Follow Query Ask a Query

Ajit Kulkarni

Ajit Kulkarni (Querist)
Follow

23 October 2010 But ITR 4 is Related foe individual person carring proprietary business

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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.

Message likes : 1 times

Ajit Kulkarni

Ajit Kulkarni (Querist)
Follow

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

Mayur Agrawal (Expert)
Follow

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

Ajit Kulkarni (Querist)
Follow

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.

CA.Madhusudan B.P. (Expert)
Follow

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

Message likes : 1 times

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