Income from Insurance agency commission

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2010 I am a salaried employee with a company.
I also earn insurance agency commission from a PSU insurance company. How should I treat this agency commission? As an income from Business or Profession; Or as income from Other sources? I have no income by way of capital gains. So which form should I use for my IT return? ITR1 or ITR4?

Thanks in advance for any helpful advice.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

25 August 2010 Income below Rs. 60,000 income from other sources.

Income above Rs. 60,000 income from business.

Message likes : 2 times

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2010 Thank you, Sir. Can you please advise me whether I can use ITR1 or should I use ITR4? My agency commission works out to about 2.5 lakhs per annum. So according to you this will be treated as Income from Business or Profession. My salary income is around 5.0 lakhs p.a.

Upgrade to CAclubindia Pro. Subscribe Now!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

25 August 2010 Since income is from business ITR - 4 will be filled.