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194 D tds

abc4321365@gmail.com (51 Points)

20 August 2018

If I have income from general insurance 600000 and tds is deducted u/s 194D then which itr I should file.

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9 Replies

rama krishnan (12234 Points)
Replied 20 August 2018

go for ITR 3....

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abc4321365@gmail.com (51 Points)
Replied 20 August 2018

But it requires account maintainense and didn't

CA P V N Varma (CA ) (609 Points)
Replied 20 August 2018

simply File ITR 3.. in Balance sheet under no books of accounts head better to fill cash column and in profit and loss account same under no books of accounts head commission income should shown as business income not as professional income.. then file your return by filling other details

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abc4321365@gmail.com (51 Points)
Replied 21 August 2018

Thanks Jesus...

CA Bhavik Soni (867 Points)
Replied 21 August 2018

As you earned commission income of 6 lakhs, you are liable to maintain books of accounts. Kindly fill itr 3 with full b/s and p/l else return will be defective

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abc4321365@gmail.com (51 Points)
Replied 21 August 2018

Respected Sir upto which % of expense is generally accepted by assessing officer in practical aspects

CA Bhavik Soni (867 Points)
Replied 21 August 2018

in practical aspects if you are liable for tds deduction and not deducted then 30% of expenditure as per rules will be disallowed. subject to CA certificate for fully allowable.

CA P V N Varma (CA ) (609 Points)
Replied 21 August 2018

In practical life mostly expenditure below 50% ie reasonably accepted by A.O but some time he may ask for records.. so be careful to fill mandatory columns

abc4321365@gmail.com (51 Points)
Replied 21 August 2018

Thank you bhavik sir and jesus.. Can you please share an specimen generally accepted p&l and b/s for a person who have income get commission and tds deducted. He got commission of 600000 form General insurance not lic