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Itr for general insurance agent

177 views 6 replies

Suresh Parmar

147 Points Joined June 2017

one of my friend having income from business i.e., he is general insurance agent and receiving commission income. so plz experts guide me that which itr is required to file and whether its required to show 50% net profit of gross receipt or he is not came under the provision of professional.

Replies (6)

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

ITR 3 is suitable for Insurance Agent...

Also he is not under the provisions of professional.

Piyush Shirodkar

CA Final Student

1358 Points Joined January 2011

ITR 3 in that case

Suresh Parmar

147 Points Joined June 2017

thank you Raja P M sir and also thank you Piyush sir

DHONDHALE UPV SHA

retired CPSU

25 Points Joined February 2023

Respected team,
My spouse is now a general insurance agent.
I.T.R.-1 was used till now.
Has T.D. interest and Rental Income also.
Requested to suggest which ITR to be used for getting expenses incurred in procuring the general insurance premium.
Thanks.

DHONDHALE UPV SHA

retired CPSU

25 Points Joined February 2023

B Durga Prasad

Student

175 Points Joined April 2023

Your friend, as a general insurance agent receiving commission income, may need to file Income Tax Return (ITR) Form ITR-3. He should report his commission income as business income and provide details of his business activities. Whether he needs to show 50% net profit of gross receipts depends on the eligibility and choice of the presumptive taxation scheme under Section 44AD.

To learn more about ITR 3 click here
For more detailed information, visit Swipe Blog.