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Lic comission.. itr-1 or itr-4.

Dev (Article Trainee.) (613 Points)

23 August 2014

Dear Sir, Person earning LIC commission only.. no other source.. which itr to be used.. last time he had filed ITR1.. but i think ITR4 should be file.. also there are 6 transaction in 26AS.. TDS deducted @ 10% but in last transaction TDS is deducted more than 30%(Amount Credited 5836 & TDS deducted 2076) ... y so.?? plz guide..

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17 Replies

ADV. KAPIL D BANGINWAR (ADVOCATE & TAX CONSULTANTS) (32 Points)
Replied 23 August 2014

U can file ur IT Return in ITR-4S or 4 also

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shilpi garg (M.Com) (50 Points)
Replied 23 August 2014

U can file ITR-4...

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 24 August 2014

go ahead with itr 1 and fill comm. income under other sources.... there is absolutely no prb..

Nirmal (Audit Assistant) (58 Points)
Replied 24 August 2014

Go for itr4.no prob at all.

SRINIVAS GARLAPATI (PARTNER) (37 Points)
Replied 24 August 2014

U should file itr4 for commission agents. Pls follow instructions.

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Ashwini Nirgude (Chartered Accountant) (272 Points)
Replied 24 August 2014

U should file ITR4. As commission agent can't use ITR 4 S

CA Hakeem Shaikh (PRACTICE) (54 Points)
Replied 24 August 2014

Yes ashiwini madam is correct

murali krishna moolmuri (Student CA Final ) (27 Points)
Replied 24 August 2014

Go for ITR4 ,its better

pankaj gupta (ANALYST) (21 Points)
Replied 24 August 2014

You should file ITR 4 Bcoz commission earn in hands of assessee as a business income & assessee can't file ITR 4S

RAKESH KUMAR (ARTICLE CLERK) (23 Points)
Replied 24 August 2014

Yes. Pankaj gupta has given right answer. Income from commission is treated as business income and for that the assessee can file only itr4.

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Dev (Article Trainee.) (613 Points)
Replied 24 August 2014

Thanks all.. For all ur response.. But plz also answer about 2nd question of excess tds deduction..

CA Sanket Gujar (Professional) (74 Points)
Replied 24 August 2014

ITR 4 - No Account case. I have got my clients refund.

parshuram s vasaikar (practice) (26 Points)
Replied 25 August 2014

U should file ITR 4

giridharinayak (Staff) (33 Points)
Replied 25 August 2014

u/s 44AD can not be used for brokerage commission so ITR 4S should not be filled, ITR 4 is only the one u should fill. commission income is taken as business income so ITR 1 is also not valid (as u should not take as income from other sources)