HELLO 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
HELLO 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
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.
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.
Aggarwal Sarawagi and Co
New Delhi
CA
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