Commission Income u/s 194D

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Student
273 Points Posted on 30 December 2020
Earned commission as LIC agent. TDS deducted u/s 194D.
Where to show this commission income under PGBP or Other Sources ?

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On 30 December 2020 at 18:50 Report
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Quick Summary
This discussion addresses where an LIC agent should declare their commission income, specifically when TDS has been deducted under section 194D. The consensus suggests that if being an LIC agent is a substantial activity, the income should be reported under Profits and Gains from Business or Profession (PGBP) as normal business income. This may also involve filing under section 44AD with appropriate financial statements.

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524 Points Posted on 30 December 2020
If being an LIC agent is part your substantial activities then it should be disclosed PGBP
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On 30 December 2020 at 19:06
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STUDENT
1631 Points Posted on 30 December 2020
Disclosed as business / professional income
1 Reply
On 30 December 2020 at 22:39
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Accountant
4533 Points Posted on 31 December 2020
It will be treated as normal business income
1 Reply
On 31 December 2020 at 00:42
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Student
273 Points Posted on 31 December 2020
So, it has to be filed u/s 44AD with proper balance sheet and P&l or any other section ?
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On 31 December 2020 at 08:16

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