RAMA.S (FREELANCER-BOOK KEEPING & TAX CONSULTING/FILING) (23 Points)
12 July 2018HELLO SIR,
INCOME EARNED BY WAY OF LIC COMMISION TO BE FILED IN WHICH ITR AND EXPENSES RELATION TO THE INCOME CAN BE DEDUCTED FROM THAT INCOME. MY CLIENT EARN AN INCOME OF AROUND 2 LACS IN FINANCIAL YR 2017-18.
PLS GUIDE
TNX
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 12 July 2018
In simple way LIC commission can be shown under income from other source and ITR 1 can be filed.
There is no need to prepare P&L as the income is lower than basic exemption limit.
Otherwise u can prepare P&L and file ITR 3.In my opinion it is not required.
RAMA.S
(FREELANCER-BOOK KEEPING & TAX CONSULTING/FILING)
(23 Points)
Replied 12 July 2018
RAMA.S
(FREELANCER-BOOK KEEPING & TAX CONSULTING/FILING)
(23 Points)
Replied 12 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 12 July 2018
Total commision amount in Form 16 A ie RS.2 lacs should be shown in ITR 1.
Expenses can be deducted only in ITR 3 ie when you are preparing P&L.
Ashish Khillan
(Gaining knowledge)
(1039 Points)
Replied 12 July 2018
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