Return of lic agent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2013
Sir,
Please guide about filing of return of LIC Agent. What sort of expenses are allowable as deduction? In business head where to claim those expenses?
Thanks in anticipation.
Please guide about filing of return of LIC Agent. What sort of expenses are allowable as deduction? In business head where to claim those expenses?
Thanks in anticipation.
25 May 2013
Working independently as Insurance agent
it is treated as ‘business income’.
ITR-4 is to be used;
In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.
it is treated as ‘business income’.
ITR-4 is to be used;
In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2013
Independent Agent. But i need to know what sort of expenses are deductible from such income and ratio of those expenses compared to their receipts.
Thanks.
Thanks.
25 May 2013
ratio of expense solely depends upon your client and his business style, better meet with him and discuss his relavent expenses which he has paid to earn such commission, it may be sub-commission, fuel, mobile, gifts, bad debts.... all such expenses can be claimed in ITR
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