Return of lic agent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2013 Sir,
Please guide about filing of return of LIC Agent. What sort of expenses are allowable as deduction? In business head where to claim those expenses?

Thanks in anticipation.

Ganeshbabu K

Ganeshbabu K (Expert)
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25 May 2013 Working independently as Insurance agent

it is treated as ‘business income’.
ITR-4 is to be used;

In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2013 Independent Agent. But i need to know what sort of expenses are deductible from such income and ratio of those expenses compared to their receipts.
Thanks.

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CA Harish Suwalka

CA Harish Suwalka (Expert)
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25 May 2013 ratio of expense solely depends upon your client and his business style, better meet with him and discuss his relavent expenses which he has paid to earn such commission, it may be sub-commission, fuel, mobile, gifts, bad debts.... all such expenses can be claimed in ITR