Sunil (Director) (35 Points)
28 March 2014I am a salaried professional working in a software company. I was also an LIC agent and i receive insurance commission as an income.
As i am working in a company I need to file ITR1 (income received under the head salary).
At the same time as I even receive insurance agent commission(after 10% TDS), I need to file ITR4.
Do I need to file both ITR1 and ITR4 returns? or shall i add both incomes and file as single ITR? If so which should I choose? Any help please...
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 28 March 2014
Sir,
You are eligible only ITR 4 online or offline. If you have any query in this regard plz forward the same.
Sunil
(Director)
(35 Points)
Replied 28 March 2014
Thank you Sir,
Shall i club both incomes in ITR4 and fill?
Will the tax slab remain the same?
Actually with the salary itself i fall into 20% slab and company is deducting TDS for that. If i club the insurance commission I have to pay more Tax as only 12.36% is deducted as TDS for comission recieved. Am I right? So I have to pay more tax on the insurance commission.
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 28 March 2014
Dear Sir,
Your TDS Deduction on LIC @ 10%
I attached a chart for your understanding
Salary Income 100
Income from Business 100 ( after deduction operating cost)
Income from other sources 100
Total Income 300
Deudction as per Law 100
Balance Taxable Income 200 Check the slab rate & calculate the tax
Hope you understand, if any query plz forward the same
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