05 February 2018
Dear Sir , I am a LIC agent . I want to file ITR , I know the the tax deducted amount but I don't know the gross turnover or gross receipts . I want to know the gross turnover or gross receipts ? Please advice me ! Thanks and Regards !
28 July 2024
As an LIC (Life Insurance Corporation) agent, calculating your gross turnover or gross receipts for filing your Income Tax Return (ITR) involves summarizing the total income you received from commissions and other sources during the financial year. Here's how you can determine this:
### **1. **Understanding Gross Turnover or Gross Receipts:**
- **Gross Turnover/Gross Receipts:** This refers to the total amount of money received from all sources of income before any deductions or expenses. For an LIC agent, this would primarily include the total commissions received.
### **2. **How to Determine Gross Turnover/Gross Receipts:**
#### **A. Check Commission Statements:**
1. **Annual Statement from LIC:** - LIC provides an annual statement or summary of commissions earned, which usually includes all your earnings for the financial year. - You can obtain this statement by contacting your LIC branch or logging into the LIC agent portal if available.
2. **Commission Vouchers:** - Review the commission vouchers or payment slips you received from LIC throughout the year. These vouchers typically detail the amount of commission earned.
#### **B. Calculate the Total Commission:**
1. **Total Commission Received:** - Sum up the total commission received from all LIC policies and services provided. This includes all commissions earned from new policies, renewals, and any bonuses.
2. **Other Income:** - Include any additional income received related to your agency work, such as incentives or bonuses, if applicable.
#### **C. Maintain Records:**
1. **Maintain a Record of Income:** - Keep a detailed record of all your commission receipts and other income. This record should be maintained in a systematic manner for easy reference during tax filing.
2. **Use Accounting Software:** - Utilize accounting software or tools to track and summarize your income. This can simplify the process of determining your gross turnover.
### **3. **Access to LIC Portal:**
1. **LIC Agent Portal:** - If LIC provides an online portal for agents, log in to check for any reports or statements related to your commissions and earnings.
2. **Contact LIC Office:** - If you're unable to access the portal or need further assistance, contact the nearest LIC office or your LIC agent coordinator to request a detailed summary of your earnings.
1. **Income Tax Return Form:** - For filing ITR, you will use Form ITR-4 if you are opting for the presumptive taxation scheme under section 44ADA, or ITR-3 if you are reporting income from a profession.
2. **Include Gross Receipts:** - When filling out the ITR form, include the total gross receipts (total commission) in the appropriate section.
### **Summary:**
1. **Obtain Annual Commission Statement** from LIC or review commission vouchers to determine your total income. 2. **Sum Up All Commission and Additional Income** to get your gross turnover or gross receipts. 3. **Maintain Detailed Records** for accuracy and future reference. 4. **Use the Information to File Your ITR** correctly.
If you have any specific issues or require further assistance, consulting a tax professional or accountant can help ensure accurate reporting and compliance.
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