26 July 2012
Income from Insurance commission is treated as Income from Business so ITR-4S has to file. However it will be depend on other sources of his income.
26 July 2012
Girish, If you show Insurance Commission income in the head of Income From Other Sources then you have to file ITR 2, and if you show in Income fron Business & profession then You have to file ITR 4, but for commission income ITR4s is not applicable.
26 July 2012
Mr. Birla's observation is correct because ITR 4S is for presumptive option cases and insurance commission is out of such option vide section 44AD(6)(ii) of the Income tax Act,1961.
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