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Which ITR is applicable

lahejjat tea (2 Points)

01 January 2021

if a person having income from salary and getting commission from insurance. Which ITR is applicable for filing it ?

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11 Replies

nandan singh (6 Points)
Replied 01 January 2021

Income from salary and from shares

ayusmita (Tax consultant) (5885 Points)
Replied 02 January 2021

@ lahejjat ITR 3

Krishna Chaudhary (Accountant) (4531 Points)
Replied 02 January 2021

I think ITR 1 will you better

2 Like

ayusmita (Tax consultant) (5885 Points)
Replied 02 January 2021

@ nandanji either ITR 2 or itr 3

Smit Shah (524 Points)
Replied 02 January 2021

Itr 3 should be filed for lahejjat

sabyasachi mukherjee (26132 Points)
Replied 02 January 2021

Lahejat tea

person deriving income from salary and commission
depending on the quantum.
insurance from commission how much?
you can disclose it in itr 1.

Kapadia Pravin (17249 Points)
Replied 11 January 2021

@ lahejjat
Go for ITR3. If insurance Commission amount is smaller reasonable then you may show under IFOS. In that case ITR1 you file

@ nandan
Go for ITR2
OR
If shares is trading activity then file ITR3

sabyasachi mukherjee (26132 Points)
Replied 11 January 2021

ITR 3 IS GENERALLY APPLICABLE IN THE FOLLOWING CASES:
INCOME FROM BUSINESS AS PROFESSION
PARTNER IN PARTNERSHIP FIRM
DIRECTOR IN A COMPANY..
SO SINCE THE QUERIST HAS NOT MENTIONED THAT HE IS NOT A DIRECTOR.
HE CANNOT FILE ITR3.

ITR 1 WILL BE OK .
BUT IF NOT ITR 2.