Income from insurance commission

Satvir Singh (Newly minted CA) (1733 Points)

09 July 2011  

If an assessee is having only taxable income from Insurance commission (working as agent), can he calculate tax under presumtive income scheme (sec. 44AD). If yes, what will be his turnover, commission earner or total premium collected?

 

and, secondly, if tax has not been deposited till yet for previous year, what will be its implications??

 

Thanks in anticipation.