u/s 44A applicable LIC Agent and commission agenst?
Querist : Anonymous
a lic agent commissions was received Rs 13 52 360/- in financial year 2010-11.tds amount upto 1.30/-.
he can declared his income u/s 44ad 8%.
he having housing loan + lic premium upto 1.0 lakhs.
did not any agricultural income and shares income.
this section applicable to me. i shall claiming total tds amount.
Querist : Anonymous
pacl, peerless commission agents, bank gold appraisal, postal rd mis commissions agents ,pvt chit fund commission agents,
also declared 44AD.
Querist : Anonymous
So, the business of Commission Agent is that of business income and if the turnover is below tax audit limit and profit is above 8% it can be done. 44AA shall be applicable if the profit is above 1.20 lacs. In case of Pvt. Ltd. Companies they are bound to maintain their accounts and get it audited under the companies act and hence they can also file their return u/s 44AD.
So, the business of Commission Agent is that of business income and if the turnover is below tax audit limit and profit is above 8% it can be done. 44AA shall be applicable if the profit is above 1.20 lacs. In case of Pvt. Ltd. Companies they are bound to maintain their accounts and get it audited under the companies act and hence they can also file their return u/s 44AD.
Querist : Anonymous
my quarry is an individual person received commission from pacl, peerless commission agents, bank gold appraisal, postal rd mis commissions agents,pvt chit fund commission agents, real estate commissions, pigmy agents agents, received commission.
the above individual assesse claim presumptive income declare u/s 44AD.
their gross receipts does not exceed 15lks.
we are declared deemed profit 40% on gross commissions. we are declared income above 1.20 lakhs.
we are maintaince books of accounts u/s 44aa?
declare income does not exceed 1.20 lakhs. we are maintenance books of accounts?
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