A person is having income from insurance commission & agriculture income. Which ITR form should be filled for this assessment year?
14 Replies
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 20 May 2010
The one that deals with Business income alone should be used..
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 20 May 2010
ITR-4 is to be used.......... as Insurance Commission is the income under the head Business/Profession...........
CMA RV Padmakumar.A
(Practicing CMA and Registered Valuer (S&FA) )
(1440 Points)
Replied 20 May 2010
ITR 4 only..........
NiTiN JAiN
(TAX CONSULTANT & CA FINAL STUDENT)
(155 Points)
Replied 21 May 2010
Only ITR 4 is to be used. As insurance commission is an business income & not an income from other sources
VARUN
(PCC STUDENT)
(523 Points)
Replied 21 May 2010
ITR 4 .. income from insurance commission is considered as income under head business profession ...
Nitin Grover
(CS)
(1228 Points)
Replied 21 May 2010
Dear Satvir
Insurance Commission is a business income
in this case need to balance sheet and P n L A/c
so only ITR 4
if a person is doing jon with insurance company and get salary and Commission then ITR 1
so its clear in ur case only business than ITR 4 only
Regards
CA. Pradeep Nayak
(Not In Practice)
(1408 Points)
Replied 21 May 2010
Insurance Commission is a business income. Hence ITR-4 to be used. However, there is no need to prepare a P&L A/c & Balance Sheet. You can fill item 51 of Part-A P&L, when regular books are not maintained.
Also, in case the gross receipts from Insurance Commission doesnot exceed Rs. 60,000/- benefit of Circular No. 648 Dt. 30-03-1993 is available for claiming adhoc deduction on commission earned.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 21 May 2010
Pardon, ITR-4 is to be used in this case (first, i said ITR-2), i misunderstood it.........
i have modified my statement.........
Kumar
(Article)
(922 Points)
Replied 22 May 2010
ITR - 4 as insurance commission is a business income.
Ajay Garg
(CA FINAL)
(101 Points)
Replied 21 July 2010
AS PER SECTION 2(13) OF INCOME TAX ACT, INSURANCE AGENT IS COVERED UNDER BUSINESS, NOT IN PROFESSION. SO, INCOME FROM AGENCY OF INSURANCE WILL BE COVERED UNDER BUSINESS HEAD NOT IN THE PROFESSION.
SO, ITR-4 WILL BE USED. ITR-2 IS ONLY FOR THOSE INCOMES WHICH HAVE NO BUSINESS & PROFESSIONAL INCOME.
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