Taxability of income

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Ramesh (Querist)
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23 March 2015 Hi,

We are getting salary,commission and incentives as a sales officer from a Life insurance company. TDS deducted under 194H as a commission for total amount included with salary.

Q1: Under which head assessee need to file the return of income? Company generated the pay slip and paid the PF amount - I think it will be under salry as Pay slip denoted that it is a salary - Please confirm.

Q2. As the TDS made under 194H, do we need to file the return as business income with ITR 4 by preparing books of accounts?

Q3. Do we have any practical issues if we file the return of income with ITR1 since TDS made under 194H?

Please guide me.

Thank you
Ramesh .

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 March 2015 1.if pf id deducted then u become the employee and sec 192 should have been deducted and not sec 194H as it must form part of salary.

2.should be income from salary file itr2 in case if exemption recieved by u is more then 5000

3.yes since its wrongly deducted as only when u have agent principle relationship then only sec 194H is applicable,

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