RAJ KUMAR (FINANCE MANAGER) (1393 Points)
30 June 2011HELLO FRIENDS, MY CLIENT HAS ONLY LIFE INSURANCE COMMISION INCOME3,25,000.
HE DOES NOT WANT TO CLAIN ANY EXPENSE AND WANT TO TAKE REFUND.
BUT I AM CONFUSED THAT IN ITR-4 IN WHICH COLUMN I SHOWTHIS INCOME BECAUSE AFTER 1,20,000 BOOKS OF A/C IS NECESSARY.
PLS. HELP ME. HOW I FILL ITR-4.
RAJU
(LEARNER)
(1089 Points)
Replied 01 July 2011
Hi,
Show it as Gross receipts/Income under P & L.
As the assessee is not claiming any expenses, even a statement/list of gross receipts as per Bank statement will be considered as books of account. As the assessee is not claiming any expenditure, assessing officer will be more than Happy not to insist for Books!
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 02 July 2011
Income from insurance commission should be taxable under head income from other sources , it will not be cover under bussiness and profession since it is not backed by any special knowledge it is not a profession and also clearly it is not a bussiness .
for tax saving you can go for deduction under section 80C and rest basic exemption limit . say
income from commison = Rs325000
Less : deduction u/s80c = Rs 100000
Less : basic exemption limit = Rs 160000
balance amount taxable = Rs 65000
for which you can also avail deduction for section 80D , 80DD , 80DDB, Making your income nil and you will get refund of TDS as deducted by your company u/s194D.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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