Hello,
Can any1clarify me of which ITR form need to be used if an assessee has both salary and insurance commission. Also let me know if any deduction is available for insurance commission exceeding Rs. 60000 in a previous year. Plz let me know at the earliest. plzzzzzzzzz
ITR 4
Ms.Revathi
and
CA Devanshi Gandhi
If the Commission paid by an Insurance company to an agent exceeds Rs.60,000/- that agent is not eligible to claim adhoc deduction as provided in the CBDT Circular published in 201 ITR. In such a case the Agent has to maintain books of account and has to keep relavant records, vourchers other supporting doucments for the expenditure claimed to be incurred by him. In the absence of books of account and supporting doucments for the expenditure an agent whose commission exceeded Rs.60,000/- cannot claim any deduction from his gross commission.
Best Wishes
Sathikonda
ok
ITR - 4 is applicable for the user who having both salary and commission ;)
CAclubindia
