ITR 4S

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2011 Can insurance agent opt for filing ITR 4S? His income is around Rs. 4 Lakhs.

29 June 2011 insurance agents carrying on business can opt for ITR 4S,,

30 June 2011 Your income is Income from Other Sources and therefore the expert has correctly stated that you are not covered by ITR 4


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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2011 Insurance commission is chargeable to tax under the head 'income from business or profession' and not under 'Income from Other Sources' and also ITR 4 covers such income. I wanted to know whether ITR 4S can also be filed for such income on presumptive basis.



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