Life insurance commission

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103 Points Posted on 08 September 2021

gud day everyone,

one of my client is having rental income of 2.20lacs and life insurance commission of 11000/-. since , the commission is very meagre , can the filing be done in ITR2.

NEED N THANKS FOR  UR SUGGESTIONS .

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On 08 September 2021 at 20:08 Report
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Quick Summary
This discussion addresses whether life insurance commission income, alongside rental income, can be filed under ITR2. While ITR2 is confirmed as a viable option for meagre commission amounts, further questions arise regarding the use of ITR3. Specifically, the user seeks clarification on how to accurately declare the commission in ITR3, as the current entry method appears to be inflating the total business income.

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Chartered Accountant
24588 Points Posted on 08 September 2021
Yes ITR 2 can be filed
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On 08 September 2021 at 22:40
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103 Points Posted on 17 September 2021

THNX FOR THE REPLY SOWRAV

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On 17 September 2021 at 15:19
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Chartered Accountant
24588 Points Posted on 02 November 2021
Your welcome
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On 02 November 2021 at 14:27
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103 Points Posted on 06 November 2021

pls let me know if itr3 can be used for filing without any technical  glithches because, life insurance commission need to be booked and in itr3, when i enter the gross receipts , gross profit and expenses, Instead of net profit,  it shows both NET PROFIT +GROSS RECEIPTS  as  income from business .

pls let me know how to proceed further

tnx

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On 06 November 2021 at 21:33

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