Which itr form to use

ITR 640 views 10 replies

Hello all,

 

I need to file IT returns for my house wife, resident indian, she gets rental income and also she has received Form 16A. Please let me know if ITR2 form to be downloaded and used or please advice.

Thanks in advance.

Manjunath

Replies (10)

Hello
ITR : 1  can be possible 

 

1. Income from salary/pension: or
2. Income from one house property
3. Income from other sources( excluding winnings from lottery and income from races horses)

Please use ITR1

Thank you all for the timely help. ITR1 worked smiley

Hi experts I have a question, I am a salaried employee and also earning commission from LIC as an agent. Which itr form I supposed to use and where I can show the deduction of expenses related to commission earning. Regards Tonyja
Dear Tonyja, You can use itr 2 for the income from commission and under section 57 in the schedule OS sheet in ITR you can show the deduction of expenses in relation to the said income.

Hello @ Tonyja
I am not agree with Jainam

ITR 2 can't be used because insurance commission is business income.. 
ITR 4 should be filed.

When Commission Earned is Less than Rs 60,000

In case total commissions earned by the insurance agent is less than Rs 60,000 from all sources and they do not maintain detailed account for expenses – certain ad hoc deductions are available to them which can be deducted from the commission income. Besides these deductions no other deductions are allowed from the commission income. This income is then taxed under the head Profits & Gains of Business & Profession.

 

Insurance Comission

 # No Deduction is allowed on bonus commission as this amount is fully taxable.

* NSC VIII Issue, Post Office Time Deposit Accounts, Post Office Recurring Deposit Accounts, Post Office Monthly Income Account Scheme, Kisan Vikas Patra and PPF accounts.

 

 

Hello experts i mistakenly filed ITR 2 instead of ITR 2A for the AY 2015-16. I am having income from other sources only. now what should i do? should i revise my return?

 

Thanks in advance.

No problem be calm.

vishal is right itr 4 is applicable for commission income


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