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Commision Income

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(Querist)
22 July 2011 In which head commission income from LIC is taxable?
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
22 July 2011 It is "Income from Business and Profession" and should be shown accordingly.
You need to make Income and Expenditure Account for the purpose of this.
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CA Navin Jain

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CA Navin Jain (Expert)
22 July 2011 SECTION 44AD IS APPLICABLE



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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 July 2011 For financial year 2010-11, section 44AD can be opted. If option is availed, no need of P & L account.
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Shafaf

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Shafaf (Querist)
23 July 2011 thanks for ur advice ,

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