ITR 4S

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Querist : Anonymous

Querist : Anonymous (Querist)

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

Ravikant

Ravikant (Expert)
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29 June 2011 insurance agents carrying on business can opt for ITR 4S,,

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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

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.