Reg. correct ITR form to file Return

This query is : Resolved

Gopalakrishnan. S (Querist)
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29 June 2022 Sir,

The gross total income of my friend is around Rs. 12 Lakhs, of which, Rs. 6500/- pertains
to Insurance commission and the rest is against contract payments. Can he file IT return
by using ITR 4 - Section 44AD ( Business Income ) ?

Please advice.

Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 June 2022 In view of commission income file ITR 3.
Opt 44AD against contract income.

Gopalakrishnan. S

Gopalakrishnan. S (Querist)
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29 June 2022 Thank you very much Sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 June 2022 You are welcome............

PURUSOTTAM PANDA

PURUSOTTAM PANDA (Expert)
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30 June 2022 In my opinion, ITR4 can also be used to file his ITR by disclosing insurance commission under Income from Other Sources, if the receipts from insurance commission are not offered to tax under PGBP in earlier AYs.

Gopalakrishnan. S

Gopalakrishnan. S (Querist)
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30 June 2022 Mr. PURUSOTTAM PANDA.
Sir, Thanks for your kind advice.
He was previously employed and has filed ITR 1 and this is for the first time, he is switching over from ITR 1 since he has no Salary income. Which one is better, ITR 3 or ITR 4 ?

Shri. CA R SEETHARAMAN JI. I shall be much obliged if I could get your opinion also in the above subject. Please.

Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 June 2022 Commission income file ITR 3.

Gopalakrishnan. S

Gopalakrishnan. S (Querist)
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01 July 2022 Ok Sir, we shall file ITR 3. Thanks a lot for your kind advice.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 July 2022 You are welcome....,....

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