Insurance commission

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This query is : Resolved

Garima Sachdeva (Querist)

28 July 2014 I wanted to ask that under which head of Income insurance Commission from LIC received by a LIC agent should be shown and if that agent has shown her commission under head profit & loss from business profession...can she show it under head other sources??? hope there will be no chances of getting d case in scrutiny if i suddenly cahnge from ITR-4 filed last year to ITR-2 this year?? PLEASE SUGGEST..REPLY ASAP

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

28 July 2014 You have to file ITR4 showing income under the head Profit and Gain of Business or Profession. You can not show it under the head income from other sources.

Garima Sachdeva

Garima Sachdeva (Querist)

28 July 2014 But it is not the agents main business and that person is a house wife....i think it should be shown under head other sources ...please suggest...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

28 July 2014 No it should not be shown under the head income from other sources. It should be shown under the head Profit and Gains of Business or Profession.

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