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Income tax itr filling & its applicablility

Mahesh (Student CA IPC / IPCC) (67 Points)

05 July 2016

How to Treat Insurance agent commission as Business Income or Other Sources & is it he is eligible come 44AD of income tax as Eligible or else Please clarify me

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6 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 05 July 2016

You have to file return under ITR 4.

$$AD cannot be applied on commission income

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Mahesh (Student CA IPC / IPCC) (67 Points)
Replied 05 July 2016

Sir

Insurence Agents are not covered under eligible assesse as per 44AD of Income tax act, 1961

Arun choudhary (articalship) (153 Points)
Replied 05 July 2016

u should file ITR 4S & in head of other income

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 05 July 2016

I agree with Subhamji and Mahesh, Assessee can not file ITR 4S

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 05 July 2016

I agree with Subhamji and Mahesh, Assessee can not file ITR 4S

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Ajith T S (CA ) (431 Points)
Replied 10 July 2016

Commission Agent can file Return of Income through ITR 4. Under this, select business code 303 in ITR which corresponds to commission agent's business. I dont think that 44AD is applicable to Insurance Agent.