Chartered Accountant
1693 Points
Joined April 2014
Hello , ITR 1 can't be used because insurance commission is business income..
YOU MUST FILL ITR 4.....
If the commission earned is less than Rs 60,000, the deduction on the first year’s commission is 50% of the commission. In case of renewal commission the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.