PGBP
This query is : Resolved
11 July 2017
LIC agent received ₹ 21 lakh commission in 2016-17 FY, ITR Due date 31 July or 30 September. what is tax implications in this case , tax audit limit, ITR form no., TAX on 8% of gross receipt or 50 % etc. ??
11 July 2017
Tax Audit Limit is Rs. 1 Crore
Due date for return is 31st July
Please file return under ITR3
You may refer to these circulars and notifications on the subject
https://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm
In my opinion presumptive taxation u/s 44ADA will not be applicable to an Insurance Agent.
Due date for return is 31st July
Please file return under ITR3
You may refer to these circulars and notifications on the subject
https://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm
In my opinion presumptive taxation u/s 44ADA will not be applicable to an Insurance Agent.
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