Sec 44 ad

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 Assessee (other than co and llp)having income exceeding basic exemption and having T/O / SALES/Gross receipts lessthan 60 lakhs and filing return of income after 30 sept 2011,

what are the options he has ?

1.file Return of income with income greater than equal 8% on sales/turnover/gross receipts
or
2.file return of income with income asper P/L a/c

or
3.get books of a/c audited and filing return of income

secondly

Can a general insurance agent earning gross commission of 3 lakhs declare 8%
income on 3 lakhs u/s 44AD and file Return of income?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

23 November 2011 >File ROI @8% and No Need of auditing.
>File ROI as Real Income Less Than 8%, No Need of Auditing.
>For Professinals Insurance Agent 44AD Not Applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 Dear ayush agarwal

Thank you for the reply.Is Insurance agent
professional?

kindly clarify.

Secondly,

KGN is a fruit merchant and earned a commission of Rs.8.65 lakhs on commission sales of fruits.He did not maintain any accounts.Can he file his return of income
u/s 44AD.? Further his commission sales are lessthan 60lakhs.

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