ATUL Y 04 December 2020
Some of you could be earning commissions on an individual basis while some others may have formed a company dealing in the business of selling life insurance policies. “If a person is engaged in the commission business, then he/ she will be required to file ITR-3. In the case of a company engaged in the commission business, ITR-6 is required to be filed. If a person is earning commission income which is incidental in nature and is not engaged in the commission agency business, then such income shall be offered under the head “Income from other sources”. If the individual has income from any other source such as business or salary or interest income, they too have been to be accounted for. Here, the selection of the right form becomes important or else the return of income may become defective. “In such case, if an individual is earning only from the commission and his total income does not exceed Rs 50 Lakh can use ITR-1 to file the return. But, if his total income exceeds Rs.50 Lakhs then he will be required to use ITR-2 provided he doesn’t have any income from business and profession
Iruland 05 December 2020
He have salary income from private sector and he is acting as a commission agent in LIC of India and his income from Commission is RS. 15000/- in this case which ITR to select
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