Which itr to use

ITR 610 views 7 replies
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Manager
29 Points Joined July 2014

Hi, 

I have income from salary, bank interest and insurance commission, 

Which ITR to use?

Thanks,

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On 30 July 2014 at 18:33 Report
Replies (7)
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Chartered Accountant
857 Points Joined January 2009

Insurance commission is business income. So ITR 4

1 Reply
On 30 July 2014 at 19:02
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a
100 Points Joined July 2009

Use ITR 4. You cannot use ITR 4 (Sugam).

 

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On 30 July 2014 at 19:13
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Student as well as Self-employed
3710 Points Joined September 2007
itr-1 can be filed. show ins. comm. under other sources and accordingly file your return.
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On 30 July 2014 at 20:06
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Manager
29 Points Joined July 2014

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. 

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On 30 July 2014 at 20:25
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Student as well as Self-employed
3710 Points Joined September 2007
@ pankaj... leave encashment and gratuity are also taxable under salary head only and thus, you are still eligible to file itr 1.
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On 30 July 2014 at 20:29
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Manager
29 Points Joined July 2014

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. 

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On 30 July 2014 at 21:15
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Student as well as Self-employed
3710 Points Joined September 2007
@ 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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On 30 July 2014 at 21:25


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