I wanted to ask that under which head of Income insurance Commission from LIC received by a LIC agent should be shown and if that agent has shown her commission under head profit & loss from business profession...can she show it under head other sources??? hope there will be no chances of getting d case in scrutiny if i suddenly cahnge from ITR-4 filed last year to ITR-2 this year?? PLEASE SUGGEST..REPLY ASAP
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if you had filed itr 4 last year for same income then i would suggest to continue filing itr 4 this year and future years also.
It should be shown as income under the head "Income from Business and Profession"
There is some ad hoc exemption available if the commission is below Rs. 60000 annually.
Refer circular no 648 issued by CBDT dated 30.03.1993
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