08 June 2011
Dear Sir, Regarding Sec 44 AD, the section says "any business whose gross receipts or turnover is less than 60 laks, excluding hiring of goods carriages" - an assessee can declare 8% on turnover as presumptive income.
my doubt is - whether commissions received from insurance agency is also included in this section. can an LIC agent declare 8% of his gross commission as his income if the gross is less than 60 laks.
09 June 2011
under the scheme of the Act profession is one which is specified in section 44AA or which is notified for the purposes of the section 44AA LIC agent is not covered in the either hence is a business activity just like an arahtia
CAclubindia
