Rajesh. M
(Auditor and tax consultants )
(35 Points)
Replied 08 August 2015
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 19 August 2015
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.
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