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Multiple income

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JAYANTA KUMAR BANDYOPADHYAY

professional service

102 Points Posted on 04 November 2021

I am having PF pension, FD interest, commission out of sale of mutual fund and insurance policy. Which ITR form to be used

Can I get deduction on maintaining office running expenses.

Thanks in advance

Replies (3)

Quick Summary

If you have multiple income sources including PF pension, FD interest, and commissions from mutual funds and insurance, choosing the right Income Tax Return (ITR) form is crucial. For commission income, ITR-3 is generally recommended, allowing you to claim business expenses like office running costs. However, if your total income is below £50 Lakhs and you have no business or professional income, ITR-1 might suffice for commission earnings. If income exceeds £50 Lakhs and there's no business income, ITR-2 could be applicable.

CA Aakarsh Jain

4330 Points Posted on 04 November 2021

In such case, if an individual is earning only from the commission and his total income does not exceed Rs 50 Lakh can use ITR-1 to file the return. But, if his total income exceeds Rs. 50 Lakhs then he will be required to use ITR-2 provided he doesn't have any income from business and profession.

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