44ad for lic agent

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Neha jain (Querist)

11 April 2016 an lic agent who get commisioin greater than rs . 60000 can he get benefit of section 44AD , with decelered his income 8% of total reciept commission ?

if he can not use section 44AD ., is compulsory audit and keep books of acount ?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

11 April 2016 no you can not File 44 AD for Commission and brokerage Less than 1 crores does not require audit if you declare income more than 8% , but you have to keep records.

Tax payer r may be in any business – retail trading or wholesale trading or civil construction or any other business to avail sec 44AD

Neha jain

Neha jain (Querist)

11 April 2016 how many expenditure allow for lic agent if he get commission of rs six lakh in year ?
is there any limit of percentage of expenditure at total commission , ?
or
compulsory decleration of total profit precentage ?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

11 April 2016 There is no limit specified by income tax act, but it is advised to declare higher percentage for LIC commission My advise to declare minimum 50% income.

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Neha jain

Neha jain (Querist)

12 April 2016 sir one more query about lic agent
if any lic agent have commission income greater than rs. 60000
about rs. 300000
can he get exception of first year commission and renewel commission of rs. 20000
or
whole rs. 300000 will conciderd as business income

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