Arun Kumar (48 Points)
30 July 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 30 July 2019
1. If insurance commission is the regular and forms part of the major source of income then ITR-3 is preferable.
2. If the insurance commission is part-time and does not constitute a major part of your time and effort then ITR-1 would be enough.
3. In the case of ITR -1 both insurance commission and interest income from the bank should be shown under Income from other sources.
4. In the case of ITR-3, it should be shown under the head business income.
Please correct me if the above solution has an alternative view.
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