Income from insurance commission

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Tax Consultant
48 Points Posted on 10 December 2014

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

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On 10 December 2014 at 18:27 Report
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Assistant Manager-Service Tax
446 Points Posted on 10 December 2014

It should be shown under Business Income in ITR-4

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On 10 December 2014 at 18:32
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ADVOCATE- TAXATION ADVISOR
414 Points Posted on 11 December 2014
You can filed the return in ITR 2 with showing the said income in other sources head.
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On 11 December 2014 at 07:18
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PRACTICE
79 Points Posted on 11 December 2014
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'
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On 11 December 2014 at 10:01
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PRACTICE
79 Points Posted on 11 December 2014
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'
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On 11 December 2014 at 10:12
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Chartered Accountant
234 Points Posted on 15 December 2014
I full agree with jitesh sir....
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On 15 December 2014 at 12:30

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