ITR form for insurance commission 2020-21 AY

This discussion clarifies the correct Income Tax Return (ITR) form and section for individuals earning over £3 lakh from insurance commission for the 2020-21 assessment year. It explains that ITR 3 is generally the appropriate form, with income to be declared under 'Profits and Gains of Business or Profession' (Section 28). The advice also covers whether to file under 'Business Income' or 'Other Sources', and the necessity of maintaining books of accounts for this type of income.