Lic agent comm.& salary income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2014 Hi,

I am having income from Salary and income from LIC Commission (As Agent).Which ITR Should i use to file income tax return for AY 14-15.Under which head shoul i show commission income.Actually Exp to generate business is more than the commission received from LIC.Can this loss be adjusted with salary income.

Thanks in Advance

Ganeshbabu K

Ganeshbabu K (Expert)
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05 June 2014 commission income is business income and loss cannot be setoff against salary income
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file ITR4
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commission income as profit and gains from business income shown in p&L sheet
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salary in salary sheet which may be found in PartB sheet

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