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This query is : Resolved

Shashank Gokhale (Querist)
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01 August 2013 A cab driver is earning income under S 194C, he also has income from Insurance commission which is his minor head. Now can he avail the benefits of S 44AD? Please advice.

Shashank

Ganeshbabu K

Ganeshbabu K (Expert)
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01 August 2013 No,

Please file ITR4 and 44AD cannot be applicable

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 August 2013 Sec 44AD is not available for this assessee use ITR-4.

Shashank Gokhale

Shashank Gokhale (Querist)
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02 August 2013 Is it possible if insurance commission be shown under "Other Sources" ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 no, as insurance commission is considered as income from profession only.

it cannot be shown under income from other source.

Ganeshbabu K

Ganeshbabu K (Expert)
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02 August 2013 insurance commission is business income so it cannot be considered as other sources.

if gross commission received is less than 120000 it can be shown in "Sheet PL " serial no.51 no accounts maintained and you can claim deduction for 1/3rd of commission received

if your commission received is more than 120000 books of accounts mandatory to claim expences

however you can still use no accounts case if you not maintained any books, but you should not claim more expences

Shashank Gokhale

Shashank Gokhale (Querist)
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02 August 2013 Ok... thank you Ganesh Babu & Tushar for your valuable advice.

Shashank

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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01 September 2013 All the experts have expressed their own opinion and once you show professional income it is not covered by 44AD but if you show the income from general business and not from profession then yes it can be provided the TO is below 1 Cr.

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