Section 44ad

This query is : Resolved

MK (Querist)
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08 February 2013 Suppose there is one lic agent and his annual income from commission is Rs.10,00,000/-, can he file his income tax return under Sec.44AD by showing more than 8%? Please reply.......

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 February 2013 He can not file his return on presumptive basis U/s 44AD in ITR 4S. ITR 4 is applicable for Commission Income.

MK (Querist)
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09 February 2013 Is it compulsory for him to maintain books of A/cs & to get it audited by CA?
OR
Can he show the his gross receipts & expenses in column no. 51 in ITR 4.
OR
Is there any different method for calculate the total income?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 February 2013 It is compulsory to maintain books of account. As such he can not show his income through Item No 51.
.
Different method except books of account or like presumptive income : Yet awaited.

.

MK (Querist)
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10 February 2013 Sir, normally commission is the income from other sources but we are showing it under the head PGBP, but he is not exceeding the gross receipt limit of business or profession during the year....
After this also, is compulsory to maintain books of A/c....
Please reply.....

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