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Relating to section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2013 Can I fill a return of insurance commission agent in form ITR 4S U/S 44AD for A.Y 2013 - 14 if it is no then how can I fill return in ITR 4 if I have details of commission receipts and tds deductios
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
21 June 2013 It is not possible now. Extract of definition of qualifying person u/s 44AD.

"(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business"
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Ganeshbabu K

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Ganeshbabu K (Expert)
21 June 2013 1)Yes,SECTION 44AD not applicable to lic agents as it is specifically says not applicable under subsection 6.

2)Circular : No. 648, dated 30-3-1993.

The benefit of ad hoc deduction will not be available to agents who have earned total commission of more than Rs. 60,000 during the year.

Thanks & regards
Ganesh babu k
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