Section 44 ad
This query is : Resolved
19 June 2012
Kindly clarify the following three points:
1) An individual opting Sec 44 AD can claim deduction under chapter VI A regarding some payments.
2) Is an LIC agent can utilise section 44AD?
3) What are the provisions if LIC agent not opting 44AD and his gross receipts are less than Rs.60 Lakhs.
1) An individual opting Sec 44 AD can claim deduction under chapter VI A regarding some payments.
2) Is an LIC agent can utilise section 44AD?
3) What are the provisions if LIC agent not opting 44AD and his gross receipts are less than Rs.60 Lakhs.
19 June 2012
1. Yes deduction under Chapter VIA are allowed against income declared u/s 44AD.
2. Section 44AD has been retrospectively amended w.e.f AY 11-12 to provide that Section 44AD shall NOT apply to commission income.
Accordingly, a LIC agent CANNOT avail benefit u/s 44AD.
2. Section 44AD has been retrospectively amended w.e.f AY 11-12 to provide that Section 44AD shall NOT apply to commission income.
Accordingly, a LIC agent CANNOT avail benefit u/s 44AD.
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