Hi,
I have income from salary, bank interest and insurance commission,
Which ITR to use?
Thanks,
7 Replies
CA J.Alamelu lakshmi
(Chartered Accountant)
(857 Points)
Replied 30 July 2014
Insurance commission is business income. So ITR 4
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 30 July 2014
itr-1 can be filed. show ins. comm. under other sources and accordingly file your return.
Pankaj A
(Manager)
(29 Points)
Replied 30 July 2014
Thank you guys for the replies.
Actually, since I left the job, I got the gratuity exemption and leave encashment money of about 20,000. So, I don't think I can use ITR1.
Please suggest.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 30 July 2014
@ pankaj... leave encashment and gratuity are also taxable under salary head only and thus, you are still eligible to file itr 1.
Pankaj A
(Manager)
(29 Points)
Replied 30 July 2014
In my form 16, they are appearing under, Less Allowance to the extent exempt u/s 10
Also, as amount is greater than 5000, I am not sure about ITR1.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 30 July 2014
@ pankaj.... it is an allowance under sec 10 and not an exempt income. where exempt income exceeds 5000, only then you will be reqd to file itr 2.
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