Lic insurance commission

hi all,

 

pls let me know whether LIC insrance commission to be filed in ITR3 OR ITR4.

MY CLIENT HAS EARNED INSRANCE COMMISSION AROND 3.5 LACS. WHETHER BOOKS OF ACCOUNTS TO BE MAINTAIONED.

 

THANKS

 

Replies (2)
Quick Summary
This discussion clarifies how to file LIC insurance commission income in your Income Tax Return (ITR). For commission earnings around £3.5 lacs, it's confirmed that this income cannot be declared under ITR4's presumptive taxation scheme (Section 44AD). Therefore, you must file using ITR3 and maintain books of accounts.

Commission income can't be shown under 44AD

File ITR 3 with books of account maintained.

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