TREATMENT OF LIC COMMISSION IN ITR.
This query is : Resolved
22 October 2021
LAST YEAR I FILED MY RETURN SHOWING BUSINESS INCOME UNDER PRESUMPTIVE TAXATION SCHEME, IN CURRENT YEAR I HAVE LIC COMMISSION INCOME ALSO, HOW SHOULD I DISCLOSE IT, IN MY RETURN.
UNDER BUSINESS HEAD OR OTHR INCOME HEAD??
KINDLY ASSIST
UNDER BUSINESS HEAD OR OTHR INCOME HEAD??
KINDLY ASSIST
Dhirajlal Rambhia
(Expert)
22 October 2021
If it is your second business, file ITR 3 with books of accounts for both the businesses.
But if the commission amount is in small amount, you may declare it under IFOS, and file ITR as earlier.
But if the commission amount is in small amount, you may declare it under IFOS, and file ITR as earlier.
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