Which ITR to use?

ITR - 2 is to be used

The one that deals with Business income alone should be used..

ITR-4 is to be used.......... as Insurance Commission is the income under the head Business/Profession...........

ITR 4   only..........

Only ITR 4 is to be used. As insurance commission is an business income & not an income from other sources

Please clarify ITR 2 or ITR 4?

ITR 4 .. income from insurance commission is considered as income under head business profession ...

Insurance Commission is a business income. Hence ITR-4 to be used. However, there is no need to prepare a P&L A/c & Balance Sheet. You can fill item 51 of Part-A P&L, when regular books are not maintained.

Also, in case the gross receipts from Insurance Commission doesnot exceed Rs. 60,000/- benefit of Circular No. 648 Dt. 30-03-1993 is available for claiming adhoc deduction on commission earned.

Pardon, ITR-4 is to be used in this case (first, i said ITR-2), i misunderstood it.........

i have modified my statement.........

Agree with all...

I do think ITR 4........

ITR - 4 as insurance commission is a business income. 

AS PER SECTION 2(13) OF INCOME TAX ACT, INSURANCE AGENT IS COVERED UNDER BUSINESS, NOT IN PROFESSION. SO, INCOME FROM AGENCY OF INSURANCE WILL BE COVERED UNDER BUSINESS HEAD NOT IN THE PROFESSION.

SO, ITR-4 WILL BE USED. ITR-2 IS ONLY FOR THOSE INCOMES WHICH HAVE NO BUSINESS & PROFESSIONAL INCOME.