E filing

This query is : Resolved

Girish (Querist)
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26 July 2012 my friend is having income from insurance commission, please advise which ITR to file ITR 4s or ITR 2
for e filing

Regards
Girish

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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.

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CA mahesh birla

CA mahesh birla (Expert)
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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.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.