RAJ KUMAR (FINANCE MANAGER) (1393 Points)
02 July 2010HELLO FRIENDS, I HAVE EARNED RS 75,000 AS INSURANCE COMISSION INTHE PREVIOUS YEAR AND TDS IS DEDUCTED AND I HAVE NO OTHER INCOME I WANT TO TAKE THE REFUND NOW IN ITR -4
WHICH COLUMNS I FILL IS IT NO ACCOUNT CASE AND CAN I FILL?
WHAT SHOULD BE THE GROSS RECEIPTS AND WHETHER I CAN CLAIM EXPENSE OR SHOW DIRECTLY AS NET PROFIT.
PLS. HELP ME.
CA Shiv
(Business Controller)
(2987 Points)
Replied 02 July 2010
show it in income from other sources and claim tds refund....
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 02 July 2010
I think commission is taxed as Business income..
as you don't have taxable income, there is no need to take the pain of finding expenses
you can file the form 15G the next time... so that you dont have 2 file a return the next time
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 02 July 2010
It should be income from business and the amount exceeds Rs. 60,000/- as per a circular and proper P &L A/c should be prepared.
Also form 15G is not applicable for insurance commission.
CAclubindia
