commission income

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Satvir Singh (Querist)
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09 July 2011 If an assessee is having only taxable income from Insurance commission (working as agent), can he calculate tax under presumtive income scheme (sec. 44AD). If yes, what will be his turnover, commission earner or total premium collected? Which ITR he has to use??

and, secondly, if tax has not been deposited till yet for previous year, what will be its implications??

Thanks in anticipation.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 July 2011 Insurance agency comes under 'business'. Therefore, 44AD can be opted if the commission per annum is less than Rs.60 lacs. ITR 4S should be used to file the return for the financial year 2010-11.

Satvir Singh

Satvir Singh (Querist)
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14 July 2011 sir, then what will be turnover, actual commission received or total premium collected??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 July 2011 Commission received.

Satvir Singh

Satvir Singh (Querist)
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15 July 2011 thanks, sir....but that means 92% of commission can be booked as expenses, even though actually it is rarely more than 25%. This seems very illogical.

anyways, does that mean we can file ITR 4S? Other incomes include interest, agriculture and capital gains.

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