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 ) ?
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.
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.
CAclubindia
