ONE OF MY CLIENT IS SALARIES EMPLOYEE IN POST OFFICE, AND ALSO DOING POSTAL LIFE INSURANCE AGENT HIS SALARY INCOME IS MORE THAN 500000/- HIS RECEIPTS FROM INSURANCE AGENT MORE THAN 425630/-.
SO IN THIS CASE WHICH ITR IS SUITABLE FOR FILING IT RETURNS WHETHER IT MAY BE ITR 3 OR ITR 4. ITR 1 IS NOT APPLICABLE FOR HIM BECAUSE TDS DEDUCTED U/S 194H.
SOME TIME POSTAL DEPARTMENT ASSAIGN TO EMPLOYEES BY INDIVIDUAL INTEREST THEY CAN DO WORK AS INSURANCE AGENT NOT COMPULSORILY.
28 December 2021
How can it be below taxable limit, when aggregate income is above basic exemption limit? File ITR 3 with P&L acc & BS. Its not very difficult.
Means He is not a professional as per u/s 194h, he is render service behalf of his department now his receipts from his incentives and deduct expenditure on his income
Because his salary income 502963 standard deduction -2400 pt 150000 u/s 80c, after that incentives 402580 less actual expenditure on his income May have come under exemption limit so that's why because so I said sir
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