sec 44AD
This query is : Open
08 June 2011
Dear Sir,
Regarding Sec 44 AD, the section says "any business whose gross receipts or turnover is less than 60 laks, excluding hiring of goods carriages" - an assessee can declare 8% on turnover as presumptive income.
my doubt is - whether commissions received from insurance agency is also included in this section. can an LIC agent declare 8% of his gross commission as his income if the gross is less than 60 laks.
Regarding Sec 44 AD, the section says "any business whose gross receipts or turnover is less than 60 laks, excluding hiring of goods carriages" - an assessee can declare 8% on turnover as presumptive income.
my doubt is - whether commissions received from insurance agency is also included in this section. can an LIC agent declare 8% of his gross commission as his income if the gross is less than 60 laks.
08 June 2011
YES LIC COMMISSION IS INCLUDED IN SECTION 44AD
U CAN SHOW 8% OF COMMISSION AS INCOME
CA MANOJ GUPTA
JODHPUR
09828510543
U CAN SHOW 8% OF COMMISSION AS INCOME
CA MANOJ GUPTA
JODHPUR
09828510543
09 June 2011
Manoj sir,
can you provide any reference for your answer that LIC commission is also covered in section 44AD.
I have read today in a Taxation News paper (KAR SAMACHAAR) that LIC commission is not included in section 44 AD.
Please clarify it.
can you provide any reference for your answer that LIC commission is also covered in section 44AD.
I have read today in a Taxation News paper (KAR SAMACHAAR) that LIC commission is not included in section 44 AD.
Please clarify it.
09 June 2011
CIRCULAR NOS. 594, 648, 677 are also applicable to insurance agent.
whether section 44AD overrides above circulars.
whether section 44AD overrides above circulars.
09 June 2011
under the scheme of the Act profession is one which is specified in section 44AA or which is notified for the purposes of the section 44AA
LIC agent is not covered in the either hence is a business activity just like an arahtia
LIC agent is not covered in the either hence is a business activity just like an arahtia
09 June 2011
Sir,
I am agree with you that LIC agency is covered under business activity.
but Circular no. 648 dated 30-03-1993 is separately talks about ad hoc deduction from Insurance commission.
whether new section 44AD overrides above circular ?
Whether now above circular will not be effective ?
What will be the position if commission from insurance agency is less then Rs. 60000 and if more then Rs. 60000.
Can we calculate income @ 8% in both of the cases.
I am agree with you that LIC agency is covered under business activity.
but Circular no. 648 dated 30-03-1993 is separately talks about ad hoc deduction from Insurance commission.
whether new section 44AD overrides above circular ?
Whether now above circular will not be effective ?
What will be the position if commission from insurance agency is less then Rs. 60000 and if more then Rs. 60000.
Can we calculate income @ 8% in both of the cases.
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