Lic agent

Save Share

This query is : Resolved

Shyamal (Querist)
Follow

02 August 2011 Dear experts,

While surfing through the queries submitted, I came across that the LIC agents can submit ITR-4S. Please explain how to consider presumptive income scheme for commission agents.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

02 August 2011 You can show profit on presumptive basis in case of LIC Agents, The Rate is 8% of Gross Commission but it is advisable that they should show income in such a way that -
1. Their Balance Sheet support the income
2. Their should not be much deviation in income and expenditure as being shown in the earlier years.

Shyamal

Shyamal (Querist)
Follow

03 August 2011 IS this presumptive income scheme available for all commission agents or only LIC agents?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now