Is commission recived gross receipt
This query is : Resolved
26 November 2011
can insurance agent consider commission received as gross receipt and file return of income u/s 44AD BY DECLARING income at greater than equal 8% on commission received?
pl.clarify.if possible with case law or provisions of IT act.
pl.clarify.if possible with case law or provisions of IT act.
26 November 2011
Section 44AD covers the following business:-
(i)any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii)whose total turnover or gross receipts in the previous year does not exceed an amount of [sixty lakh rupees].]
Conclusion:-
Yes, of course he can.
(i)any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii)whose total turnover or gross receipts in the previous year does not exceed an amount of [sixty lakh rupees].]
Conclusion:-
Yes, of course he can.
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