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Lic comission.. itr-1 or itr-4.

Page no : 2

MOHD AFROZ (STUDENT) (1475 Points)
Replied 26 August 2014

File ITR- 4 .



giridharinayak (Staff) (33 Points)
Replied 26 August 2014

ITR 4 should fill, as commission is taken as business income


giridharinayak (Staff) (33 Points)
Replied 27 August 2014

As your commission income is less than Rs.60,000/- than ad hoc deduction available for First year's Com - 50% of 1st year com as ad hoc ded, for Renewal Com 15% of Ren com as ad hoc deduction, and First year and renewal comm - 33 1/3% of this com, lastly bonus com - nodeduction. This deduction is not available for above Rs.60,000/-. This income should be taken as business income so ITR 4 (to be filled)



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