Hi,
I have income from salary, bank interest and insurance commission,
Which ITR to use?
Thanks,
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Which itr to use
Replies (7)
Insurance commission is business income. So ITR 4
Use ITR 4. You cannot use ITR 4 (Sugam).
itr-1 can be filed. show ins. comm. under other sources and accordingly file your return.
Thank you guys for the replies.
Actually, since I left the job, I got the gratuity exemption and leave encashment money of about 20,000. So, I don't think I can use ITR1.
Please suggest.
@ pankaj... leave encashment and gratuity are also taxable under salary head only and thus, you are still eligible to file itr 1.
In my form 16, they are appearing under, Less Allowance to the extent exempt u/s 10
Also, as amount is greater than 5000, I am not sure about ITR1.
@ pankaj.... it is an allowance under sec 10 and not an exempt income. where exempt income exceeds 5000, only then you will be reqd to file itr 2.
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