Lic income

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Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2013 hi

hello my yearly lic comm is Rs 810,000/-

can file return us 44ad or some other section of income tax where i can directly pay certain percentage of my comm

pls advise

CA UMESH DULAL

CA UMESH DULAL (Expert)

20 July 2013 Any person earning income from profession can not take advantage of 44AD.

You can pay commission to other for securing business/profession under income tax

{but i think, you are not allowed to share commission under the term of your LIC licence.(plz correct if I am wrong)so you should take care of this provision also}

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 July 2013 as per finance act 2012 any person who had earn income from commision business in fy 12-13 onwards is not eligible for availing sec 44AD.

u need to file itr-4.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2013 thank you , Mr umesh you are right

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