Expenditure allowed or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
Dear Sir,
I received commission Income from insurance company Rs. 365000/- and they deduct TDS @10%. Please suggest which form of ITR I submit to income tax department and what is the allowed expenditure for this head of income.
thanks
I received commission Income from insurance company Rs. 365000/- and they deduct TDS @10%. Please suggest which form of ITR I submit to income tax department and what is the allowed expenditure for this head of income.
thanks
13 August 2013
1. Section 44AD is NOT applicable to Commission income. Accordingly you will have to compute income as per the normal provisions.
2. You will have to file ITR 4.
3. Expenses such as conveyance expenses, telephone expenses, etc can be claimed from such income.
2. You will have to file ITR 4.
3. Expenses such as conveyance expenses, telephone expenses, etc can be claimed from such income.
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