Which return to be filed?

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2013 Dear Experts,

I am a LIC Agent, Woman Assesse. I have earned Rs. 35000 as insurance commission on which Insurance company deducted Rs. 3500 TDS u/s 194 D.

I have never ever filed Income Tax return as there were no deductions in my commission amount.

Some people suggest me to file ITR-4 and showed this income under Entry 51 as not maintaining books of accounts under Gross Receipts Rs 35000.

Or I have to file ITR-1 and shown this income under Income from other sources Rs 35000.

I have also earned Rs 3250 thru my bank account sb interest.

I am a part time agent and I will operate from my home, work for 4months only.

Pls suggest the correct treatment in order to get the TDS refund as I have no other income apart from that.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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15 July 2013 u need to file itr4.

Also check the following link.

https://www.caclubindia.com/forum/itr-who-should-file-which-return-for-ay13-14-bookmark--256729.asp

Ganeshbabu K

Ganeshbabu K (Expert)
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15 July 2013 1)You need to file ITR4 as commission is business income.

2)you cannot file ITR1 and showing in "other sources"--because commission is business income it cannot be shown in othersources.

3)Yes, he suggested correctly..As income from commission not exceeds Rs.1,20,000 You are not required to maintain books of accounts as per section 44AA.

4)So show income from Commission in ITR 4 , "Sheet P & L" under serial no. 51 no accounts maintained.

5)Tds details can be shown in "Sheet TDS"

6)Saving bank interest can be shown under income from other sources and As the income from savings bank is less than 10000 you can claim entire value as exemption under section 80tta in "Sheet VIA"

7)As your income not exceeded the basic exemption limit you can get refund of total tds deducted to you

Thanks & regards
Ganesh babu k

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