Dear Friends
A friend of mine has a General Insurance Commision income of Rs. 700000/- and also consultancy fees income of Rs. 115000/-.
Is Sec 44ad applicable? how should she go forward?
Regards
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Section 44ad
Replies (8)
Khushboo,
The provision says business income and thus, according to me, you can include the insurance commission under it and claim the presumptive rate. however, as far as the consultancy income goes, the same falls under professional income and thus, the presumptive taxation may not apply.
- Ankit
As per Amendments made in Sec 44AD It is now provided that this section will not apply to person having following Income
1. A profession
2.Commission or Brokerage
3 Any Agency Business.
So general insurance commssion income too would not fall under Sec 44 ad??
Then how should the income be treated??
44ad is not applicable as both sources of income are specifically excluded. You shall treat the consultancy income as profits frm business n profession whereas commission as income frm other sources.
Agree with pakshal shah
Sorry Mr. Pakshal Shah.
Income from Commission recd from General Insurance should only be treated as income from Business and Profession and beyond the limits u/s 44AD.
| Originally posted by : Pankaj Agrawal | ||
 |
Sorry Mr. Pakshal Shah. Income from Commission recd from General Insurance should only be treated as income from Business and Profession and beyond the limits u/s 44AD. |
 |
Apologies.
Thank you Mr. Agrawal for enlightening me.
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