Sanjay I Thacker (Accountant) (524 Points)
18 August 2012I want to know that can i file return u/s. 44 ad for commission income for LIC and other agency like lic..... (Life Insurance)
and if yes
then there is how much % racio for minimum profit...
if no
then i have to file balance sheet & complete p/l compulsory.......
pls reply
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 19 August 2012
Section 44AD clause 6, specifies that it is not applicable to income by way of commission / brokerage.
(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.]
The working of Section 44AD is gross turnover @ 8% will be income under head business if turnover is less than 60 Lacs
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