Salary and insurance commission which itr

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student
5205 Points Joined February 2009
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.
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On 14 November 2013 at 19:58 Report
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Article Trainee
49 Points Joined February 2013
ITR-2 should be filed
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On 14 November 2013 at 20:24
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student
5205 Points Joined February 2009
WHY ITR 2 UNDER WHICH SOURCE COMMISSION INCOME I SHOULD SHOWN
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On 14 November 2013 at 21:05
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CA-Final
62 Points Joined June 2010
Under ' Income From Other Sources'
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On 14 November 2013 at 22:50
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Article Trainee
49 Points Joined February 2013
Ashok is correct. You can show commission under the head "income from other sources"
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On 14 November 2013 at 23:30
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IT System Auditor
33683 Points Joined April 2010

You can file ITR1..

ITR – 1 Form is to be used by an Individual having income from following sources:

  1. Income from Salary/ Pension.
  2. Income from One House Property (excluding cases where loss is brought forward from previous years)
  3. 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'...

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On 15 November 2013 at 07:41
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Wealth Manager
5293 Points Joined December 2008
Agreed with all. You may also avail deduction u/s 57.
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On 15 November 2013 at 07:55
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student
5205 Points Joined February 2009
I M LITTLE BIT CONFUSED SAME QUESTION IN EXPERTS I PUT THEY ARE SAYING ITR 4 U GUYS ARE SAYING ITR 1..............
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On 15 November 2013 at 13:37
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Article Trainee
49 Points Joined February 2013
Itr-1 is also correct and you should ask from experts why itr4 and not itr 1 or 2. Then, take your decision.
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On 15 November 2013 at 19:14
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Chartered Accountant
86505 Points Joined April 2011
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
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On 15 November 2013 at 19:57
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Employee
32 Points Joined November 2012
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.
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On 15 November 2013 at 20:06
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student
5205 Points Joined February 2009

@ rashmi gandhi  commission is 40000 then where in itr?

 

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On 15 November 2013 at 21:47
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CA
22 Points Joined July 2009
Itr 2 is prefered.. No need to file itr 4..
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On 15 November 2013 at 22:17
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CA IPCC
49 Points Joined December 2009
ITR4 require to be used for salary & commision income.
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On 16 November 2013 at 06:21
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Wealth Manager
5293 Points Joined December 2008

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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On 16 November 2013 at 07:37


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