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Itr 4s and insurance commission agent !!! urgent
Dear Experts,
My query is :-
As per Section 44AD it is said that presumptive taxation rules are not applicable for person earning income by way of commission or brokerage.
But when you open ITR 4S, U WILL FIND THERE ARE VARIOUS OPTIONS FOR NATURE OF BUSINESS AND THERE ALSO CONSISTS OPTION FOR GENERAL COMMISSION AGENTS TOO!!
I request you all to please clarify why there is a difference between the act and ITR 4S and what does it signify??
Also, please clarify how to file return of person earning income from where TDS is deductible u/s 194D with the help of ITR 4/ 4S??
Thanks
Replies (1)
The list of business in the pull down menu is as per the master list of nature of businesses defined by the department. This does not mean that 4S can be used for commission agents except for LIC agents who are under the presumptive category, i.e gross premium upto 60000/- p.a ( Circular 648 of 30/03/1993). All other insurance commission agents must maintain books of accounts and file under ITR 4 only
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