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Income from lic commission as an agent

CS HIMANI MITTAL (COMPANY SECRETARY ) (31 Points)

22 December 2015

Dear All, I have an Query that I earned a Comission from LIC and Tds was deducted from my Commission . Now i want to file a Return for claiming the TDS for the F.Y. 2014-15. My Question is : (a) Which Return will be Filled for claiming the TDS and under which head it will be TAxable. Kindly Suggest . i

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10 Replies

CS HIMANI MITTAL (COMPANY SECRETARY ) (31 Points)
Replied 22 December 2015

Thanks,

In ITR-4 it is necessary to prepare P/L A/c. or shows that amount as under sub head OTHER INCOME

( Commission) ...

ashish (article) (151 Points)
Replied 22 December 2015

You can also show it as income from other source provided you have some other income like salary or business so that you can rationally say it (commission income) as other source.... And if are showing it as other income and having income not from business or professions or/and from more than one house property then you can very properly show it under itr 1(sahaj)form

1 Like

sonu champ (delhi) (24 Points)
Replied 22 December 2015

शो अस इनकम फ्रॉम other सोर्सेज इफ यू हैवे एनी सैलरी और बिज़नस इनकम एंड क्लेम the रिफंड।

manish mishra (CMA STUDENT) (30 Points)
Replied 22 December 2015

Itr-2 can also be filled

CS HIMANI MITTAL (COMPANY SECRETARY ) (31 Points)
Replied 23 December 2015

Thanks to all.

I have no income from Salary or other Businees. only comission is earned from LIC.

so how to treat this Income ( MAIN INCOME) OR ( OTHER iNCOME SHOWS AS cOMMISION )

sreenivas (student) (46 Points)
Replied 23 December 2015

Itr 4 must be filed as it is main income. As commission agents cannot file 4s as per sec 44ad,butfor one of my client I have filed Itr 4s unknowingly for the same source of income and I had no issues and let me tell you that was the case for refund. Dept accepted it. But for sake of precision it is advisable to file Itr 4.

Rohit Aggarwal (ACA Bcom (H) MBA MCom) (470 Points)
Replied 23 December 2015

In case you have no other income apart from the "Commission" Income then you shall file ITR4 for claiming the refund of TDS.

Thanks.

CA SHAH DILEEPKUMAR (PARTNER) (144 Points)
Replied 27 December 2015

It is ITR-4 which is required to be filed by you as you have business income by

way of LIC Commission. You may claim expenses incurred by you for earning such income.

You are required to prepare your profit & loss account ( income & expenditure a/c.) and

balance sheet ( statement of affairs ) as of year end date.

Refund can be claimed by filing return of income in any ITR Form but you must be caution while

selecting ITR Form since it must be according to your source/nature of income.

CA SHAH DILEEPKUMAR (PARTNER) (144 Points)
Replied 27 December 2015

It is ITR-4 which is required to be filed by you as you have business income by

way of LIC Commission. You may claim expenses incurred by you for earning such income.

You are required to prepare your profit & loss account ( income & expenditure a/c.) and

balance sheet ( statement of affairs ) as of year end date.

Refund can be claimed by filing return of income in any ITR Form but you must be caution while

selecting ITR Form since it must be according to your source/nature of income.

OM PRAKASH (Manager- Finance) (27 Points)
Replied 07 August 2018

Hi, I have got income from Salary (As main source) by working full time in a company. Apart from this I have some very small amount of income from commission as LIC financial advisor (Part time). and also income from Fixed Deposit.

Please suggest which form would be the best. I have been filling ITR 4 and last Year ITR 3. If I have to fill ITR3, then please suggest- how do I take advantage of house loan interest claim benefit under section 24 under ITR 3 Form. I was unable to locate it.

Looking forward for good suggestions.

Regards