An individual having the Income only as commission and no any other income, please suggest me which ITR Form use to file the IT Return of the individual.
Thank you.
What type of commission ?.
prasad Nilugal
( GST Practitioner & Accounts )
(14597 Points)
Replied 12 July 2019
What type of commission ?.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 12 July 2019
1. Commission income can be of two types
i) Where your commission income is your main source and you do that as your profession. Like Insurance commission, commission on the sale of a product, etc. This type of commission is taxed under the head PGBP.
ii) Another way of commission is earned based on your incidental activity. This is not your main source of income and in other words to say this type of commission in most of the cases will be on a frequent basis. Director awarded a commission on pledging his personal property for procuring a loan for the company. This type of commission will be taxable under the head Income from other sources.
2. In (i) case ITR - 3 or ITR -4 can be used whereas in case (ii) ITR -1 or ITR -2 can be used for filing a return.
Please correct me if the above interpretation has an alternative view.
Krishna A
(student)
(47 Points)
Replied 13 July 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 13 July 2019
1. That would very much be considered as professional income and will be taxed under PGBP.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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