Which itr used for lic commision

Income from LIC Comission is under Income from Other Sources.. and thus you have to file ITR1, you can deduct expenses which have occurred on incurring the income

Originally posted by : Amrin
	Income from LIC Comission is under Income from Other Sources.. and thus you have to file ITR1, you can deduct expenses which have occurred on incurring the income

Commission income is treatede as Business income hence ITR4 is mandatory.

ITR-4S not possible as it is specifically excluded vide Sec.44AD(5).

In order to get an exception in tax, the LIC agents can file an ITR – 4 and a HRA. This means there will be a business expenses deduction and that can be claimed for. When you file this you can get either full or part amount tax exception.

Thanks for given answer. 

I want to know tha i have treated income from bussiness then file ITR -4

Actually  Commissision received 12776/-  LIC  TDS Deucted  RS. 2849/- 

Salary Income have 1,60,000/-  For the financial years 2012-13

I want to file ITR -1, Shown Commission in Rs. 12776/-  income form other source.

 Its Right or not.

thanks in advance

@ RAMANUJ

You cannot file ITR1

.

.

please file ITR4, salary in salary shedule and commission income in profit and loss account under no accounts case serial no. 51, just mention total commission received as your gross receipts and gross profit adont claim any expences

.

.

claim tds as per form 26as and fill details in tds sheet

do caluculation and file income tax return

.

.income from lic commission is business income so have to file ITR4

Mr. Ganesh ji

thanks for details information

If  I have File ITR-1 than refund will be not  come and have any notice come from Deppt.

Becuse i have total Amt Rs. 12776/- treated as Taxable income not i have not taken deducted expenses.

Please advice

Thanks

@ RAMANUJ You cannot file ITR1 . . please file ITR4, salary in salary shedule and commission income in profit and loss account under no accounts case serial no. 51, just mention total commission received as your gross receipts and gross profit adont claim any expences . . claim tds as per form 26as and fill details in tds sheet do caluculation and file income tax return .

 

Originally posted by : Ganeshbabu K
	Originally posted by : Amrin Income from LIC Comission is under Income from Other Sources.. and thus you have to file ITR1, you can deduct expenses which have occurred on incurring the income Commission income is treatede as Business income hence ITR4 is mandatory. ITR-4S not possible as it is specifically excluded vide Sec.44AD(5).

Thank you sir for correcting me.

Apologies for the mistake..

Beginner in solving queries :D

ITR 4 very much just file for same type of income

HELLO FRIEND ..........

IF U FILE ITR - 4 YOU WILL GET ADDITIONAL BENIFIT AS ADHOC DEDUCTION IF YOUR COMMISION  IS FROM LIFE INSURANCE AND IT IS BELLOW RS 60000

ADHOC DEDUCTION :-

33.33% or 20000 which ever is less 

THANK YOU
 

SHIKHAR 

IF AN INDIVIDUAL HAS BOTH SALARY AS WELL AS LIC COMMISSION INCOME IN FINANCIAL YEAR 2014-2015. THEN WHICH ITR FORM IS APPROPRIATE FOR THE INDIVIDUAL FOR SUBMITTING RETURN FOR THE ASSESSMENT YEAR 2015-2016?