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u/s 44A applicable LIC Agent and commission agenst? (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
15 July 2011

sir
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.


Ravikant

( Expert )
15 July 2011

Sec 44AD does not cover Professional Income


B.Chackrapani Warrier

( Expert )
15 July 2011

ICAI says 'insurance agency' can be treated a s business. Therefore, 44AD can be opted.


Author : Anonymous

( Author )
15 July 2011

sir

pacl, peerless commission agents, bank gold appraisal, postal rd mis commissions agents ,pvt chit fund commission agents,
also declared 44AD.



Author : Anonymous

( Author )
15 July 2011

also pvt ltd., real estate companies commission agents,pvt companies pigmy cash collection agents also declared 44ad


C A S.S.Agarwal, M.Com.,LL.B,

( Expert )
15 July 2011

It is not correct. If they have done it is wrongly been done. If some one has done a wrong thing this does not mean that that wrong is the act or law.

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.


C A S.S.Agarwal, M.Com.,LL.B,

( Expert )
15 July 2011

It is not correct. If they have done it is wrongly been done. If some one has done a wrong thing this does not mean that that wrong is the act or law.

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.


Author : Anonymous

( Author )
15 July 2011

sir

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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