itr
This query is : Resolved
jaydip a. limbasiya
(Querist)
01 July 2010
I have only income of commission from insurance company then which form of return should be filled up
ITR 1 or ITR 2
ITR 1 or ITR 2
Aditya Maheshwari
(Expert)
01 July 2010
If the gross receipts from insurance commission is below Rs. 60,000/- then the income head is considered as a residuary souce of income and income is taxable under the head income from other sources and ITR - 1 can be used.
If the income exceeds the specified limit then it will be considered as business income and ITr - 4 to be used.
If the income exceeds the specified limit then it will be considered as business income and ITr - 4 to be used.
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