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Income from insurance commission

ITR 1059 views 5 replies

Hi,

My client has income from insurance business and I am using ITR-4. But the income is less than 60,000 , hence adhoc deduction is availed. Hence, in ITR 4 only a very small portion needs to be filled and all other columns in PL and other pages remain unfilled. Is this ok, or should I use ITR for Income from other sources.

Reshmi

Replies (5)

It should be shown under Business Income in ITR-4

You can filed the return in ITR 2 with showing the said income in other sources head.
Income from insurance commission is chargeable to tax under the head Income from business & profession.. So return should be filed in ITR-4 under the column 'books of account not maintained'
Income from insurance commission is chargeable to tax under the head Income from business & profession.. So return should be filed in ITR-4 under the column 'books of account not maintained'
I full agree with jitesh sir....


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