Commission income of an insurance adviser

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2016 Frnds,

Can i use itr 4s for commission income of an insurance adviser (since it is a business income, can i take it on presumptive basis under 44AD if TO less than 1 crore)

Ankur Singhal

Ankur Singhal (Expert)
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26 March 2016 Dear
You can not opt for Section 44AD
the provisions of section 44AD cannot be adopted by an assessee who is engaged in
or is carrying on an agency business or is
earning income in the nature of commission or brokerage.
FILE ITR 4 for the same.