ammy raheja (studying) (99 Points)
27 September 2016
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 27 September 2016
If a person is invovled into agency business, then under Business head and if not then under IFOS
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 27 September 2016
depends upon nature of comission may be income from business/other sources.
Kajal Jain
(Freelancer-Chartered Accountant)
(551 Points)
Replied 27 September 2016
CA shanky pahoja
(accountant)
(615 Points)
Replied 27 September 2016
It totaly depends on nature of commision if the person is an employee it can also be salary income.
if person is involved in agency business than it will chargeble under head P/G/B/P
iF NOT INVOLVED IN AGENCY OR NIETHER AN EMPLOYEE THAN IT WILL BE CHARGEBLE UNDER HEAD I/F/O/S
FCA surbhi jain
(FCA)
(997 Points)
Replied 28 September 2016
It totally depends on nature of commission. If he is a commision agent then ,it will be taxable under PGBP.
Else, it will be taxable under income from other sources.
nagarjuna
(ca)
(2 Points)
Replied 27 June 2017
which ITR form should filed for PGBP in case of insurance commission ITR 4 OR 3 FOR A.Y.17-18
Aryan Rai Bhardwaj
(Practising CA)
(22 Points)
Replied 17 February 2018
Siddharth Goel
(Chartered Accountant)
(3031 Points)
Replied 29 June 2018
Hi,
Treatment of commission income depends on the nature of the source.
It will be treated as PGBP income if the commission is received as a part of conducting any business on a regular basis and where the major source of income of the assessee is from such commission income.
It will be treated as Income from Other Sources if the commission received is not chargeable to tax under the other heads of income viz. "Salary", "House property", "Business or Profession" and "Capital Gains".
It will be treated as Income under head Salary if the commission income is based on the turnover of the company as a fixed percentage and is included in the employement contract as well.
Siddharth Goel
(Chartered Accountant)
(3031 Points)
Replied 29 June 2018
| Originally posted by : nagarjuna | ||
 |
which ITR form should filed for PGBP in case of insurance commission ITR 4 OR 3 FOR A.Y.17-18 |  |
Those who carry on business or profession of Income from commission or brokerage or an agency business cannot file ITR-4S. For income as an insurance agent – one has to file ITR4.
jaspreet singh
(Accounts executive )
(54 Points)
Replied 24 July 2018
i received major source of income from business and received only 30000 rs from comission on which tds is deducted under sec 194d which ITR should i file
Rushabh Shah
(2 Points)
Replied 27 August 2018
Prachi Bansal
(3134 Points)
Replied 27 February 2021
Hello,
According to my knowledge, it comes under the Residuary Head of Income
Ayush
(Executive )
(7790 Points)
Replied 24 August 2023
Which ITR to choose for Commission Agents: ITR 3 or ITR 4? Click here
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