If an assessee is an Insurance Agent and He gets Insurance Commision and TDS is deducted u/s. 194D, then Which ITR No. I am supposed to file with Income Tax Department??
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Query in itr.. pls help (insu. agent)
Replies (6)
The Income Earned by the Insurance advisor receiving Commission Income Should File ITR IV, not I as the commission earned is considered as Business & Profession Income.
If the agent is having any office, from the commission received he can deduct all the office expenditure such as rent, electricity charges. telephone charges etc and calculate the tax on the Profit earned after deducting the expenditure.
yes, i agree with Yogesh sir....
Commission earned is business income, you should file ITR IV.
| Originally posted by : YOGESH | ||
 |
The Income Earned by the Insurance advisor receiving Commission Income Should File ITR IV, not I as the commission earned is considered as Business & Profession Income. If the agent is having any office, from the commission received he can deduct all the office expenditure such as rent, electricity charges. telephone charges etc and calculate the tax on the Profit earned after deducting the expenditure. |
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Thank you all....
| Q : Which form of ITR is applicable for an LIC agent? | |
| A : Commission income of LIC agent constitutes business income and, hence, in case of an LIC agent return of income should be filed in Form No. ITR-4. | |
https://www.trpscheme.com/trp/index.jsp
Dear
if commission < exemption limit just use ITR -1 no problem...
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