17 July 2012
I KNOW THAT SECTION 44AD IS NOT COVERED THIS CASE. BUT IF LIC AGENT HAS COMMISSION OF OVER 20 LAKHS BUT BELOW THE AUDIT LIMITS, THEN HIS INCOME IS CALCULATED BY CLAIMING ACTUAL EXPENSES OR BY ANY OTHER MODE ?
17 July 2012
Insurance agencey is business vide ICAI publication "Isues on Tax Audit". It is not covered under'eligible business' so as to claim section 44AD and hence normal provisions of computing income under the head'income from business/profession' has to be followeded.
07 August 2012
As per the recent amenments, Commission Agents are not covered under Section 44 AD presumptive, hence u have to calculate the actual Profit by claiming the actual exp.
CAclubindia
