Lic agent
This query is : Resolved
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.
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
(Expert)
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.
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.
03 August 2011
IS this presumptive income scheme available for all commission agents or only LIC agents?
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