Individual having salary and business income

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part
23 Points Posted on 28 September 2014

Dear Sir,

I have a query:

as we all know many people who gets salary also work as insurance advisor to get extra income. At the end of FY they have form no 16 as well as form no 16A. In this situation which form he should use to file his return.

ITR-1

ITR-4

or ITR-1 & ITR-4 both

if both than what will be the proceedure.

Regards,

Surender Singh

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On 28 September 2014 at 08:53 Report
Replies (9)
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ADVOCATE- TAXATION ADVISOR
414 Points Posted on 28 September 2014
Itr 2 should be filed with insurance commission showing under income from other sources head.
1 Reply
On 28 September 2014 at 09:06
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Wealth Manager
5358 Points Posted on 28 September 2014

Yes, ITR-2 is sufficient for you.

1 Reply
On 28 September 2014 at 14:33
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student
29 Points Posted on 28 September 2014
It depends upon the income of salary and insurance income If salary income is more than insurance income then file ITR- 1 If insurance income is more file ITR-4
1 Reply
On 28 September 2014 at 16:04
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Accounts and Taxation
34 Points Posted on 28 September 2014
ITR-4, if individual have an insurance income..
1 Reply
On 28 September 2014 at 19:23
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BTS
80 Points Posted on 28 September 2014
Ite 2 will be filed under other sources income
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On 28 September 2014 at 20:33
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SIEMPRE AHÍ PARA TI
9512 Points Posted on 28 September 2014

Insurance Commission will be shown as Income from other sources in ITR-2.

1 Reply
On 28 September 2014 at 23:01
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part
23 Points Posted on 29 September 2014

thanks a lot for your suggessions, but if the client is facing losses from his insurance business then which kind of ITR is to be filled.

weather there is any compulsion for maintaining books of accounts for mentioning the losses in ITR.

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On 29 September 2014 at 08:24
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Article Trainee.
461 Points Posted on 29 September 2014
ITR-4.. If insurance commission is received.. Treated as Business Income..
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On 29 September 2014 at 18:27
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Accounts and Taxation
34 Points Posted on 17 July 2015
ITR-4, insurance commission received.
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On 17 July 2015 at 08:51

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