ICICI

Insurance advisor-which itr


Satya ND (Finance Professional)     07 July 2018

Satya ND
Finance Professional 
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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?

avater

CA Sunil Kumar (Chartered Accountant)     07 July 2018

CA Sunil Kumar
Chartered Accountant 
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ITR 3 will have to file in case having insurance commission.

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RAJA P M ("Do the Right Thing...!!!")     07 July 2018

RAJA P M
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Yes... If Income received Insurance Commission then ITR 3 is recommended.

Anjali P Nair (CMA ,CA FINAL STUDENT)     07 July 2018

Anjali P Nair
CMA CA FINAL STUDENT 
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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.

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RAJA P M ("Do the Right Thing...!!!")     07 July 2018

RAJA P M
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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.

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Satya ND (Finance Professional)     09 July 2018

Satya ND
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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

 

Anjali P Nair (CMA ,CA FINAL STUDENT)     09 July 2018

Anjali P Nair
CMA CA FINAL STUDENT 
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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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