44ad for lic agent

This query is : Open

Neha jain (Querist)
Follow

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)
Follow

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)
Follow

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)
Follow

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.

Message likes : 1 times

Neha jain

Neha jain (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jayesh Pipalwa

George Innocent

Mukund Thakur

arya yashu

Rajat Khandelwal

Subscribe Now

44ad for lic agent

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

Manager- Finance and Compliance

CA Final

GST CONSULTANCY

GST CONSULTANT