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Which itr used for lic commision

Ramanuj (Accountant.) (834 Points)

20 December 2013

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

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15 Replies

Amrin (Chartered Accountant) (215 Points)
Replied 20 December 2013

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 (Audit and Tax Advisory) (48559 Points)
Replied 20 December 2013

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 (!..Live to Give..!) (16427 Points)
Replied 20 December 2013

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 (student) (159 Points)
Replied 20 December 2013

itr 4 should be filed

Ramanuj (Accountant.) (834 Points)
Replied 20 December 2013

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 (Audit and Tax Advisory) (48559 Points)
Replied 20 December 2013

@ 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

1 Like

Sandeep Kumar Mishra (no) (58 Points)
Replied 20 December 2013

You should file ITR 4......

Ramanuj (Accountant.) (834 Points)
Replied 20 December 2013

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 (Prop ) (24 Points)
Replied 20 December 2013

Itr 4 will be used vv

SIDDAROODHA HIREMATH (ARTICLE ASSISTANCE) (92 Points)
Replied 20 December 2013

@ 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 (Chartered Accountant) (215 Points)
Replied 20 December 2013

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 (student) (5205 Points)
Replied 21 December 2013

ITR 4 very much just file for same type of income

shikhar (LEARNER ) (1394 Points)
Replied 21 December 2013

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 (DEPUTY MANAGER FINANCE & ADMINISTRATION) (41 Points)
Replied 04 August 2015

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?