Kamal Sharma (Aspiring CA) (101 Points)
02 September 2012Dear Members,
Please suggest me which ITR is to be filled for LIC agents receiving insurance commission from LIC. Considering they have no any other source of Income.
Thanks.
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 03 September 2012
lic agents can file itr4,....as it comes as business or profession
so that u can claim some expenses against ur commision income
Harihar Mandal
(CA)
(504 Points)
Replied 04 September 2012
if commission received is less than Rs. 60,000 than will get ad hoc deduction and if more than 60000 than may prepare profit & loss account and claim expenses without any limit.
in both case have to file ITR 4
Pooja
(Others)
(25 Points)
Replied 24 August 2015
Please share how much expense could be claimed in case if commission income is more than 60,000/-.
CAclubindia
