11 August 2009
Dear sirs, Pls tell me if Insurance Advisor gets only Commission for their service. So,they have to fill ITR-4 and Gross Receipt,Gross Profit & Net would be same or not ? and if they also spend money for expenditure of Tea,Cellphone,Petrol etc. could they can written down this exp. amount in Expenses bracket or not ? if they do (or if its right) the Net Profit will be reduced. and one thing if income & Expenditure will have to Prepare for it ? Its easy but while Preparing Balance sheet its tough. Pls tell me sirs while creating/Starting Balance for the first year for Insurance Company Advisor's Balance where we have to Put Capital, Assets & Bank & Cash Balance ? i.e how seems that Advisor Balance Sheet?
I am more Confuse if you are not giving reply so Pls sirs give me the reply of my query. if you dont understand i will raise my query clearly
12 August 2009
Whether Insurance adviser receive only commission but his service as Insurance adviser is a profession so his Income by way of commission from insurance company concider as income from Profession so his/her return should be file in ITR-4 form.
Insurance adviser can claim expenses like tea exp. printing & statiuonary, telephone exp., petrol exp., Depreciation on vehical (if available), office rent, dep on furniture, office equipments etc. so Gross Receipt,Gross Profit & Net wouldn't be same. you can show his assets what he have used for the profetion. u can show his liabilities. and balancing amt will be his capital.
CAclubindia
