Dear friends
Pls tell me which ITR form to be used for Commission received from Amway Business. Should I use ITR 4 (used for LIC Commission received) or ITR 4S by applying Presumptive Taxation.
Pls reply ASAP.
Thanks in advance..
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Itr Form for Commission received from amway business
Replies (4)
Dear roy if commission earning is main business of assessee then you can go for itr4. Otherwise show it as other income in other income schdl in itr2. Hope answer will help you. Regards
Thanks Mehta Sir for your prompt reply.
But Amway treated them as business partner as they are earning their commission by way of product sharing.
So I think it should be treated as business income though they are getting Commission.
Your suggestion on this matter is precious.
Thanks
Dear Roy
If amount is of regular nature and earned at regualr interval of time then you can consider it as a business and can claim expenses deductions also. But if it is a one time amount then classify it as a other income in your return.
Regards
Yes Mehta Sir
The amount is of regular nature and earned at regualr interval of time. But the income is less than 1 lac in a year and TDS on Commission also deducted. So can I file it through ITR 4S - Sugam.
Regards
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