Deduction in respect of commission earned by lic agent

This query is : Resolved

AVTAR SINGH (Querist)
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10 February 2012 HI ALL.......
INDIVIDUAL HAVE INCOME FROM SALARY FROM PRIVATE LIMITED COMPANY & COMMISSION FROM LIC RS 81000/-. HIS COMMISSION IS ABOVE 60000/- THATS WHY HE CANNOT CLAIM ADHOC DEDUCTION. HE IS NOT MAINTAINED BOOKS REGARDING EXPENDITURE. SO NOW CAN HE TREAT IT AS PART TIME BUSINESS AND FILED HIS RETURN U/S 44AD?

PLEASE HELP ITS URGENT?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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10 February 2012 Yes you can file return u/s44AD and you need not to treat it part time business from A.Y.2011-12 lic agents are also liable to section 44AD.
OM SAI SRI SAI JAI JAI SAI

AVTAR SINGH

AVTAR SINGH (Querist)
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11 February 2012 thank u sir. but its to late. m already filed the return in normal way.....& paid tax accordingly.
Thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 February 2012 Don't worry if the taxable income in the filled return is more than the requirement as per section 44AD i.e 8% on gross receipts then you are not done any mistake. Otherwise keep quait is any problem faces at the time of assessment or scrutiny assessment then will be do changes.
OM SAI SRI SAI JAI JAI SAI

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