44AD AND LIC AGENTS
This query is : Resolved
CA Birju Ruchir Desai
(Querist)
18 June 2011
IS 44AD APPLICABLE TO LIC AGENTS??
ACCORDING TO ME LIC AGENTS ARE NOT PROFESSIONALS SO IT APPLIES.
KINDLY REPLY URGENTLY
ACCORDING TO ME LIC AGENTS ARE NOT PROFESSIONALS SO IT APPLIES.
KINDLY REPLY URGENTLY
CA PARAS BAFNA
(Expert)
18 June 2011
You are right. LIC Agency is not a profession
and as such it is a business. Section 44AA, defines certain professions ...in which it is not included.
Section 44AD is applicable to agents , but
the income should be declared at a higher
rate than 8% , otherwise it will become difficult for an agent to explain the Investments being made by him.
and as such it is a business. Section 44AA, defines certain professions ...in which it is not included.
Section 44AD is applicable to agents , but
the income should be declared at a higher
rate than 8% , otherwise it will become difficult for an agent to explain the Investments being made by him.
CA Birju Ruchir Desai
(Querist)
21 June 2011
Thanx for your guidance
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