Dear Expertz,
My friend has Insurance commission income, earlier he used to file ITR-4S online, now it is not there in online.
pl advice, whcih ITR form he has to file?
6 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 07 July 2018
ITR 3 will have to file in case having insurance commission.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 07 July 2018
Yes... If Income received Insurance Commission then ITR 3 is recommended.
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 07 July 2018
1. If your income lower than 250000 u may choose ITR 1 and file return under the head income from other source
2. Otherwise ITR 3 can be filed.By deducting expenses from business income and showing only profit as income.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 07 July 2018
No...
It's not a good practice. If Commission received from Insurance company then It's will shown as Commission Income...
Then only avaiod future scrutiny or reference.
It's not a good practice. If Commission received from Insurance company then It's will shown as Commission Income...
Then only avaiod future scrutiny or reference.
Satya N Dharani
(Finance Professional)
(491 Points)
Replied 09 July 2018
but, while filing ITR3 portal is showing
are u auditiond under 44AB
are you auditied under 92E
pl clarify for Insurance Agent/advisor having little bit amount na
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 09 July 2018
No need to to fill those areas.You can fill only gross receipts,expenses and show profit as income.
I repeat If your gross receipts lower than 250000 u may choose ITR 1 and file return under the head income from other source.
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