Lic commission agent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2012 I WANT TO KNOW THAT A LIC AGENT
1. IS REQUIRED A TRADE LICENCE & PAY P TAX. 2. WHICH ITR IS REQUIRED TO FILL (ITR2 OR ITR4)
3. FULL COMMISSION ON LIC IS HIS TAXABLE INCOME OR HE CAN LESS THE INDIRECT EXPENSE LIKE SALARY,OFF MAINTENANCE ETC.

IF ANY ONE CAN GIVE ME THE IDEA.

AMIT KR GHOSH

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 June 2012 1. He fill file ITR 4
2. He can claim all expenses incurred to earn the income.

CA Kalpesh Gokani

CA Kalpesh Gokani (Expert)
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20 June 2012 instaed of filing form 4...pls file form 4S by taking net profit higher than 8% of commission income..bcz in this case u need not maintain books of accounts and file balance sheet and p&l a/c..

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 June 2012 Dear CA Kalpesh, Section 44AD has been retrospectively amended wef from AY 11-12 to provide that provisions of Section 44AD are NOT applicable to agency or commission income.

Accordingly, in this case, Section 44AD is NOT applicable and ITR4S CANNOT be filed.

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CA Kalpesh Gokani

CA Kalpesh Gokani (Expert)
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20 June 2012 Yes right..form ITR 4..thanks