if there is Salary Income + Insurance Commission Rs.6000/-, Can we file ITR-I, beacuse there is also a option of "Incopme from Other Sources".
Onkar Singh (Dy.Mgr Finance) (38 Points)
13 August 2015if there is Salary Income + Insurance Commission Rs.6000/-, Can we file ITR-I, beacuse there is also a option of "Incopme from Other Sources".
Kavyaa
(Budding CA)
(107 Points)
Replied 13 August 2015
Yes sir
insurance commision is taxed under PGBP
so it must come under ITR 4 and not ITR 1
sorry for my wrong response
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 13 August 2015
Better if you fill ITR4 if its your regular side profession
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 13 August 2015
As I understand insurance commission is not treated as income from other sources. It shall be treated as business income and ITR4 to be used. Also note that some deductions are available on insurance commission.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 13 August 2015
Hello,
YOU MUST FILL ITR 4.....
If the commission earned is less than Rs 60,000, the deduction on the first year’s commission is 50% of the commission. In case of renewal commission the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.
Ashok J
(CA Final)
(880 Points)
Replied 13 August 2015
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 14 August 2015
Though is commision paid company.It is your business income.So to use ITR4
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 18 August 2015
Hello Mr. Ashok
https://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 18 August 2015
*Specified Securities: NSC VIII Issue, Post Office Time Deposit Accounts, Post Office Recurring Deposit Accounts, Post Office Monthly Income Account Scheme, Kisan Vikas Patra and PPF accounts.
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