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It filing query (form 16 and 16a)

Ranjith R G (Assistant Manager) (25 Points)

29 July 2016

Dear Sir,

Good day

I am working in a company and I received Form 16 for my salary alternatively i am also working as LIC Agent doing minimum business to retain my license and get commission for that i received Form 16A (Deduction of Tax at source under section 203 of the IT Act,1961-For Interest on Securities,Dividends or Insurance Commission)

Request you to kindly advice which form to use 1TR 1 or ITR4S to file quick return
1.Whether income from Insurance commission can be shown as Income from other sources in form ITR 1 and provide salary details to file or
2. to show the salary in ITR4S and provide insurance commission as income from other sources and file the returns

Ranjith.R.G

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2 Replies

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 29 July 2016

ITR4S should be okay but if the income is very minimal and TDS not done under sec 194, you can use ITR1 mentioning the LIC income in other sources.

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Ranjith R G (Assistant Manager) (25 Points)
Replied 30 July 2016

Thanks for your reply

To be very specific,Whether the income under section 2013 of IT Act 1961 (for Interest on Securities,Dividends or Insurance Commission) which is less than 50,000 can be shown as the income from other sources in form ITR 1

Regards
Ranjith.R.G