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Salary and insurance commission which itr
My client has salary income also insurance commission.
TDS is deducted u/s 194 D PLZ tell me which ITR Will be applicable.
Also tell me under which head insurance commission can be disclosed.
Income from business or income from other source.
Replies (18)
ITR-2 should be filed
WHY ITR 2 UNDER WHICH SOURCE COMMISSION INCOME I SHOULD SHOWN
Under ' Income From Other Sources'
Ashok is correct. You can show commission under the head "income from other sources"
You can file ITR1..
ITR – 1 Form is to be used by an Individual having income from following sources:
- Income from Salary/ Pension.
- Income from One House Property (excluding cases where loss is brought forward from previous years)
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Income from insurance commission should be shown under 'Income from other source'...
Agreed with all. You may also avail deduction u/s 57.
I M LITTLE BIT CONFUSED SAME QUESTION IN EXPERTS I PUT THEY ARE SAYING ITR 4 U GUYS ARE SAYING ITR 1..............
Itr-1 is also correct and you should ask from experts why itr4 and not itr 1 or 2. Then, take your decision.
You have to used ITR -4. I filed about 100 return of only insurance comm & salary income and for the same itr-4 is used & commision is shown under head B&P and if commission is less than 60000/- u can claim adhoc deduction
Yes saying of Rashmi Gandhi stands right. Because commission is earned only by way of Business and not using other sources. So ITR-4 is only to file.
@ rashmi gandhi commission is 40000 then where in itr?
Itr 2 is prefered.. No need to file itr 4..
ITR4 require to be used for salary & commision income.
Where the earning of an individual is only from commission of insurance (full-time agent), then ITR-4 can be used. Here, the main source of income is salary (full-time), and side income is from selling insurance products. Besides, section 57 about ad hoc deduction is applicable for income from other sources. One cannot claim expenditure in business as well as ad hoc deduction at the same time.
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