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ITR 2 or 4

This query is : Resolved 
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(Querist)
27 October 2008 My One Party received Commission Rs. 1,09,000/- TDS deducted Rs. 2,240/-
Other Miscellaneous income Rs. 29,000/-
Short Term Capital Gain Rs. 12,600/-
please tell me ITR Form submission to Income Tax Office In ITR 2 or ITR 4
and Balance Sheet and Profit & Loss Account Preparation necessary or not
Please tell me
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Reetika Goel

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Reetika Goel (Expert)
27 October 2008 Hello Mr. Jitendra,

If the assessee(Individual or HUF) has income under any head EXCEPT under "Profits/gains from Business/Profession", then either ITR 1 or 2 is filed.

However, if the assessee has income under Salary head and other sources only as Bank Interest, in that case ITR 1 is to filed otherwise ITR 2 is filed.

ITR 4 is filed only when there is loss/income under "PGBP" head.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 October 2008 File return in ITR-2. No need to prepare P&L and B/S.
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DINESH KUMAR

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DINESH KUMAR (Expert)
28 October 2008 In your case assessee is earned commission i.e. business income should file ITR-4 .
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