ITR Filing Guide for Insurance Agents (LIC & Private)
ITR Filing Guide for Insurance Agents (LIC & Private)
Maximize Your Refunds | Avoid Penalties | File Smart
📅 Updated for FY 2024-25
✅ Why Insurance Agents Must File Income Tax Returns (ITR)
Whether you are an LIC agent or working for private insurance companies like HDFC Life, ICICI Prudential, SBI Life, etc., your income is taxable under the Income from Business or Profession. Many agents are unaware that
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Commission income above ₹60,000 is liable for tax.
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TDS is deducted under section 194D.
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You can claim expenses (mobile, petrol, office rent, etc.) to reduce your tax liability.
📌 Which ITR Form is Applicable for Insurance Agents?
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ITR-3—if you maintain books of accounts or have other sources of income like capital gains or rent.
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ITR-4 (Sugam)—if you opt for the Presumptive Taxation Scheme under Section 44ADA (for professionals earning less than ₹50 lakh annually).
✅ At 1Fin Solutions, we help you choose the best form to save maximum tax.
💸 Allowable Deductions for Insurance Agents
Here are some common expenses agents can claim:
| Expense Type | Allowed for Deduction? |
|---|---|
| Mobile Bills | ✅ Yes |
| Travel & Petrol | ✅ Yes |
| Office Rent | ✅ Yes |
| Assistant Salary | ✅ Yes |
| Promotional Expenses | ✅ Yes |
Also, don't forget:
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Section 80C: LIC Premium, PPF, ELSS
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Section 80D: Mediclaim
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Section 80U/80DD: Disability (if applicable)
🧾 Documents Required for ITR Filing
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PAN & Aadhaar
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Commission Statements from LIC/Private insurer
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Bank Statement
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Expense proofs (if opting for actual expense method)
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Form 26AS & AIS report
⚠️ Penalties for Not Filing ITR
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Late fees up to ₹5,000 u/s 234F
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Loss of refund or carry-forward benefits
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Trouble during loan or visa processing
💼 How 1FinSolutions Helps You
✔️ Expert consultation on best ITR form
✔️ Maximum deduction planning
✔️ Online ITR filing from the comfort of your home
✔️ WhatsApp Support & Quick Filing
🎯 Final Tip: File Early, Save More
Don’t wait till the last date (15th September 2025). File early and stay compliant!
📞 Need Help with Your ITR?
📲 Call/WhatsApp us at https://wa.me/916033526962
📍 1Fin Solutions—Your Trusted Tax Partner
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