If an assessee is an Insurance Agent and He gets Insurance Commision and TDS is deducted u/s. 194D, then Which ITR No. I am supposed to file with Income Tax Department??
YOGESH
(STUDENT)
(128 Points)
Replied 25 June 2012
The Income Earned by the Insurance advisor receiving Commission Income Should File ITR IV, not I as the commission earned is considered as Business & Profession Income.
If the agent is having any office, from the commission received he can deduct all the office expenditure such as rent, electricity charges. telephone charges etc and calculate the tax on the Profit earned after deducting the expenditure.
Ritesh khurana
(CA student)
(175 Points)
Replied 25 June 2012
Commission earned is business income, you should file ITR IV.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 25 June 2012
| Originally posted by : YOGESH | ||
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The Income Earned by the Insurance advisor receiving Commission Income Should File ITR IV, not I as the commission earned is considered as Business & Profession Income. If the agent is having any office, from the commission received he can deduct all the office expenditure such as rent, electricity charges. telephone charges etc and calculate the tax on the Profit earned after deducting the expenditure. |
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https://www.trpscheme.com/trp/index.jsp
Dear
if commission < exemption limit just use ITR -1 no problem...
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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