Lic commission income tax liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 January 2013 sir,i received Rs.2,50,000/- LIC commission.can i file IT return by showing presumptive income @ 60% of profit ie.Rs.150000/- in ITR4,by taking Rs.100000/- expences directly in expences column.

CA Harish Suwalka

CA Harish Suwalka (Expert)
Follow

27 January 2013 if you have recieved commission income than you can not file return on presumtive basis, how ever you can claim expenses like fuel, telephone, sub-commission etc. so can claim all these expenses and file your return