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Which itr use for ay 2015-2016?

Onkar Singh (Dy.Mgr Finance) (38 Points)

13 August 2015

if there is Salary Income + Insurance Commission Rs.6000/-, Can we file ITR-I, beacuse there is also a option of "Incopme from Other Sources".

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10 Replies

Kavyaa (Budding CA) (107 Points)
Replied 13 August 2015

Yes sir

ITR 1 shall to be used

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Kavyaa (Budding CA) (107 Points)
Replied 13 August 2015

Yes sir

insurance commision is taxed under PGBP

so it must come under ITR 4 and not ITR 1

sorry for my wrong response

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 13 August 2015

Better if you fill ITR4 if its your regular side profession

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CMA Poornima Madhava (CMA) (13112 Points)
Replied 13 August 2015

As I understand insurance commission is not treated as income from other sources. It shall be treated as business income and ITR4 to be used. Also note that some deductions are available on insurance commission.

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Vishal Goel (Chartered Accountant) (1693 Points)
Replied 13 August 2015

Hello,

YOU MUST FILL ITR 4.....

If the commission earned is less than Rs 60,000, the deduction on the first year’s commission is 50% of the commission. In case of renewal commission the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.

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Sriram (CMA Final) (178 Points)
Replied 13 August 2015

You have to file ITR-4

Ashok J (CA Final) (880 Points)
Replied 13 August 2015

Pls let me know wer is it mentioned abt dedn for inss commm

sadashiv Rupchand Gaikwad (Proprietor) (521 Points)
Replied 14 August 2015

Though is commision paid company.It is your business income.So to use ITR4

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 18 August 2015

Hello Mr. Ashok

Circular : No. 648, dated 30-3-1993.

https://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 18 August 2015

Insurance Comission

*Specified Securities: 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.