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MADHVENDRA NARAYAN (Querist)
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11 July 2017 LIC agent received ₹ 21 lakh commission in 2016-17 FY, ITR Due date 31 July or 30 September. what is tax implications in this case , tax audit limit, ITR form no., TAX on 8% of gross receipt or 50 % etc. ??

Anand

Anand (Expert)
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11 July 2017 Tax Audit Limit is Rs. 1 Crore
Due date for return is 31st July
Please file return under ITR3
You may refer to these circulars and notifications on the subject
http://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm

In my opinion presumptive taxation u/s 44ADA will not be applicable to an Insurance Agent.