Income from lic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 respected sir/ madam,
a person having income from lic business ie commission , and income from salary while filing the return which itr form should be used so that tds which is deducted by lic can be claimed?

Guest

Guest (Expert)

22 February 2013 In my opinion, ITR-4 to be filed.

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CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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22 February 2013 Commission is income from other sources and the other income you have is income from salary. So you can file return in ITR 1.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 February 2013 Dear Suraj,

I beg to disagree here. Commission doesn't form part of income from other sources unless and until it is specifically excluded from "income from business and profession"

So unless the above can be proved, ITR4 as CA Ashish suggested shall be the right Form to use.

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CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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23 February 2013 Thanks for the clarification. I stand corrected.

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