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Which itr used for lic commision


Ramanuj (Accountant.)     20 December 2013

Ramanuj
Accountant. 
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Dear all

        I want to return file of Income from LIC Commission. its come under bussiness income or Other inome,

Which head have file return & ITR -1, ITR-2, ITR4s.

Please give us answer above query on urgent basis.

Thanks in Advance

With regards

Ramanuj

 

Amrin

Amrin (Chartered Accountant)     20 December 2013

Amrin
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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

Ganeshbabu K

Ganeshbabu K (Audit and Tax Advisory)     20 December 2013

Ganeshbabu K
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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).

Sanket

Sanket (!..Live to Give..!)     20 December 2013

Sanket
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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.

amol santre

amol santre (student)     20 December 2013

amol santre
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itr 4 should be filed
Ramanuj

Ramanuj (Accountant.)     20 December 2013

Ramanuj
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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

Ganeshbabu K

Ganeshbabu K (Audit and Tax Advisory)     20 December 2013

Ganeshbabu K
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@ 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

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Sandeep Kumar Mishra

Sandeep Kumar Mishra (no)     20 December 2013

Sandeep Kumar Mishra
no 
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You should file ITR 4......
Ramanuj

Ramanuj (Accountant.)     20 December 2013

Ramanuj
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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

 

 

ROHIT

ROHIT (Prop )     20 December 2013

ROHIT
Prop  
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Itr 4 will be used vv
SIDDAROODHA HIREMATH

SIDDAROODHA HIREMATH (ARTICLE ASSISTANCE)     20 December 2013

SIDDAROODHA HIREMATH
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@ 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 .

 

Amrin

Amrin (Chartered Accountant)     20 December 2013

Amrin
Chartered Accountant 
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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

manoj

manoj (student)     21 December 2013

manoj
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ITR 4 very much just file for same type of income

shikhar

shikhar (LEARNER )     21 December 2013

shikhar
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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 

 

 

 

NILAY BARAT

NILAY BARAT (DEPUTY MANAGER FINANCE & ADMINISTRATION)     04 August 2015

NILAY BARAT
DEPUTY MANAGER FINANCE & ADMINISTRATION 
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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?


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