Tax calculation on lic agent commission

SIR

individual person is earning LIC Agent commission, more than Rs.60000/- per year. he is not eligible for adhoc dedution. weather i can file the income tax return through ITR4S by showing 60 to 80 % of commission income as income under section 44AD.  OR  file under ITR4 as business/profession income.

If i file in ITR 4 , weather profit and loss account and balancesheet is compulsary.

if my commission income is Rs.200000/-, 250000/-,300000/- or more what can we do.

please suggest me