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Insurance advisor-which itr

ITR 326 views 6 replies

Dear Expertz,

My friend has Insurance commission income, earlier he used to file ITR-4S online, now it is not there in online.

pl advice, whcih ITR form he has to file?

Replies (6)
ITR 3 will have to file in case having insurance commission.
Yes... If Income received Insurance Commission then ITR 3 is recommended.

1. If your income lower than 250000 u may choose ITR 1 and file return under the head income from other source

2. Otherwise ITR 3 can be filed.By deducting expenses from business income and showing only profit as income.

No...
It's not a good practice. If Commission received from Insurance company then It's will shown as Commission Income...
Then only avaiod future scrutiny or reference.

but, while filing ITR3 portal is showing

are u auditiond under 44AB

are you auditied under 92E

pl clarify for Insurance Agent/advisor having little bit amount na

 

No need to to fill those areas.You can fill only gross receipts,expenses and show profit as income.

I repeat If your gross receipts lower than 250000 u may choose ITR 1 and file return under the head income from other source.

 


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