LIC Agent - ITR - ????

ITR Filing 10916 views 8 replies

hey guys ........plz help me out

my uncle is an LIC Agent and he receives commission from his agency work

he also receives commission for NSC , NSS , UTI Mutual Funds etc.,

Now, does this activity come under business or profession. If so he ll b require 2 file ITR -4 na

If not , what is the ITR form to be filed.

Replies (8)
since your uncle is a lic agent,it is his business income and he has to file form no4.
dear u can filed ITR 4 for Commission Recieve dfrom LIC
Agency commission is always a business and comes under the purview of the Head "Income from Business of Profession". If total turnover does not crossed 40Lacs limit, he has to file Form no. 4.
thanx a lot buddy

respected sir

                           which itr form is to be used for income tax return for a lic agent?

                                                                                                                                        PUNAM

I have income form salary & LIC Commission. Which ITR Form should be filled. Pls also tell me the diffrence in assesment year & finacial year

  Hi - 6 % of my total taxable income is LIC Commsion and 94% is from Salaries, please advice me on ITR form is to be used.

  My Understanding is to use ITR 3 assuming LIC Commision as other income as it is only 6% of total income.

mainly income comes from only LIC Agency which ITR form can Use at the time of return filing please help me

 


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