Itr 4s for lic agent
This query is : Resolved
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
(Expert)
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.
------a person earning income in the nature of commission or brokerage; or
--------a person carrying on any agency business.
Message likes :
1 times
22 August 2016
can he file normal ITR 4 with declere 25% profit with out audit?
Amol S Joglekar
(Expert)
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
For the current year, just go through 44ADA as well.....
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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
but lic agent are not covered under defination of professional
Amol S Joglekar
(Expert)
24 August 2016
ok... then go as you said..... ITR 4 and 25% profit....
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