Assessee earn total insurance commission income of Rs 756000/- tds deducted u/s 194D is aprox 37800/-. What income he has to show in net profit income. Can he reduce his income on account of expense from his 756000/- income if yes then how much percent? .whether he has to pay tax on whole amount. Assum there is no tax saving or no other income. Please help me in filing itr 3.
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Taxability for insurance agent income
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Yes, if assessee has any expense related to Insurance business like electricity, mobile, travelling, refreshment etc if such is not reimbursed by company then such expense can be claimed on actual basis to reduce tax impact.
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