ITR1 & ITR -4 ??

Dear Sir,

I found this site really helpful and informative. I tried to search answer to my question in this site and other sites as well but not succeeded. My question is " A person is employed and getting monthly salary but apart from that the same person is doing a part time job of commission agent with XXX Insurance Co. and he is getting his commissions with tds deducted on that. The amount of his commission amount is not very much it varies from approx INR 30000 - INR 50000. Now the confusion is when filing IT retun which ITR should be filed by this person..ITR 1 or ITR 4. One more thing to be noted here that this person need not to maintain books of accounts/P&L account under section 44." This is my query.. hope i will be getting its answer soon. Many thanks.

asked Sep 18 '12 at 13:02 by Deepa 112

Dear Sir, Thanks for answering the query. Just one more thing regarding this only. If the income earned as commission from the insurance co. is in very small portion and income earned in the form of salary is much higher than the commission then still ITR 4 needs to be filled. Otherwise considering commission amount is quite small and nominal can it be shown in ITR 1 under Income from Other Sources. Please guide...
(Sep 18 '12 at 16:53) Deepa
No matter whether amount is small or big as compared to salary income, income from business is income from business and ITR4 would need to be filed.
(Sep 18 '12 at 17:05) Pankaj Batra

Income earned as commission from insurance company would be income from business/profession, so he would need to file income tax return using ITR 4 form.

answered Sep 18 '12 at 15:51 by Pankaj Batra 5.2k320


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Asked: Sep 18 '12 at 13:02

Seen: 2,156 times

Last updated: Sep 18 '12 at 17:05