Itr 4s for lic agent

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monika

monika (Querist)
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22 August 2016 A LIC AGENT WHO HAVE COMMISION INCOME OF RS. 10 LAKH , CAN SUBMIT ITR 4S WITH OPTION OF 8% PROFIT ?

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 The provisions of section 44AD shall not apply to—
------a person earning income in the nature of commission or brokerage; or
--------a person carrying on any agency business.

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monika

monika (Querist)
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22 August 2016 can he file normal ITR 4 with declere 25% profit with out audit?

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 why not? ITR 4 can be filed......
For the current year, just go through 44ADA as well.....

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

monika

monika (Querist)
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24 August 2016 but sir section 44 ADA is only for professional, with declered 50% profit

but lic agent are not covered under defination of professional

Amol S Joglekar

Amol S Joglekar (Expert)
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24 August 2016 ok... then go as you said..... ITR 4 and 25% profit....

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