28 November 2012
Hi, I want to file return of my client who is LIC agent.Details are as follows. 1) commission from Lic is rs 25000 2)TDS is rs 2500 3) expenses 6500 My queries are 1) is TDS should be taken as current asset 2)Expenses occurred are considered as direct expenses or indirect expenses 3)What precaution should i take while filling return. I am fresher so please guilde me.
28 November 2012
If your client is full time LIC Agent, then commission form LIC should be shown under Income from Business or Profession.
1. TDS should be shown under current asset. 2. Yes, all expenses related to LIC are to be considered as direct expenses and accordingly u can claim deductions. 3. While filing ITR- 4, you have to mention no books of accounts maintained case.
CAclubindia
