An individual having the Income only as commission and no any other income, please suggest me which ITR Form use to file the IT Return of the individual.
Thank you.
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ITR Form for filling of income from commission
Replies (7)
What type of commission ?.
You can file ITR-3 if it's you main source of income
from which soure u earning commission
1. Commission income can be of two types
i) Where your commission income is your main source and you do that as your profession. Like Insurance commission, commission on the sale of a product, etc. This type of commission is taxed under the head PGBP.
ii) Another way of commission is earned based on your incidental activity. This is not your main source of income and in other words to say this type of commission in most of the cases will be on a frequent basis. Director awarded a commission on pledging his personal property for procuring a loan for the company. This type of commission will be taxable under the head Income from other sources.
2. In (i) case ITR - 3 or ITR -4 can be used whereas in case (ii) ITR -1 or ITR -2 can be used for filing a return.
Please correct me if the above interpretation has an alternative view.
The individual's commission income for Product promotion and sales of a international Harbal life
1. That would very much be considered as professional income and will be taxed under PGBP.
Thank you sir for your answer.
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