Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Itr for general insurance agent

11 September 2018

one of my friend having income from business i.e., he is general insurance agent and receiving commission income. so plz experts guide me that which itr is required to file and whether its required to show 50% net profit of gross receipt or he is not came under the provision of professional.

Reply
Follow
Share

6 Replies

RAJA P M ("Do the Right Thing...!!!") (127962 Points)
Replied 11 September 2018

ITR 3 is suitable for Insurance Agent...

Also he is not under the provisions of professional.

Upgrade to CAclubindia Pro. Subscribe Now!

Piyush Shirodkar (CA Final Student) (1358 Points)
Replied 11 September 2018

ITR 3 in that case

Suresh Parmar (147 Points)
Replied 11 September 2018

thank you Raja P M sir and also thank you Piyush sir

DHONDHALE UPV SHA (retired CPSU) (25 Points)
Replied 23 June 2023

Respected team,
My spouse is now a general insurance agent.
I.T.R.-1 was used till now.
Has T.D. interest and Rental Income also.
Requested to suggest which ITR to be used for getting expenses incurred in procuring the general insurance premium.
Thanks.

DHONDHALE UPV SHA (retired CPSU) (25 Points)
Replied 23 June 2023

Upgrade to CAclubindia Pro. Subscribe Now!

B Durga Prasad (Student) (175 Points)
Replied 23 June 2023

Your friend, as a general insurance agent receiving commission income, may need to file Income Tax Return (ITR) Form ITR-3. He should report his commission income as business income and provide details of his business activities. Whether he needs to show 50% net profit of gross receipts depends on the eligibility and choice of the presumptive taxation scheme under Section 44AD.

To learn more about ITR 3 click here
For more detailed information, visit Swipe Blog.