Lic income

This query is : Resolved

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)
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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)
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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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