As insurance agents at the time you become coded you will be advised by your respective insurance companies to register your business. Itr 3 is not visibile till date in income tax e filing portal for ay 2020 21 and it is correct to file the lic agents return of income in itr 4 under prsumptive income.
All the taxpayers are mandatorily required to file their itrs electronically except individuals over the age of 80 years who have the option of filing the itr in paper format as well.
Insurance agent itr form. The correct itr for commission agents is itr 3. The sugam itr 4s form is the income tax return form for taxpayers who have to choose the presumptive income scheme under section 44ad and section 44ae of the income tax act. Itr 3 or itr 4.
Your business is you being an insurance agent. This is because those who carry on business or profession of income from commission or brokerage or an agency business cannot file itr 4s. Which income tax return to file.
Moreover if the turnover of the business shown above exceeds rs 2 crores the taxpayer will have to file itr 4. But yes they do. 11 july 2020 lic agency commision is income from business and which itr form for this.
The apex tax body has prescribed seven itr forms itr 1 to itr 7 that will be used by taxpayers for this assessment year. Gaurav has also heard about the presumptive method of taxation and wants to know whether an insurance agent can file itr 4 or not. It has notified the new itr forms that will be used by different classes of taxpayers for filing itr.
Being an insurance agent you are a franchisee of the insurance company you represent. Income tax return is a statement of income and tax that needs to be submitted by taxpayers to the income tax department in the prescribed form. To know which itr form is applicable for you in ay 2020 21 continue reading this article.
Insurance agents are required to file their returns using itr 3. You can file itr 3 as per your income source for more information you can contact on ravindra srvlegal in. The different forms available include itr 1 sahaj itr 2 itr 3 itr 4 sugam itr 5 itr 6 and itr 7.
Itr 4 is not applicable for commission agents. Gaurav is not eligible to file itr 4. Brief on applicability of income tax return itr form for financial year fy 2019 20 assessment year ay ay 2020 21.
You might neglect to notice.