Section 44ad
This query is : Resolved
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.......
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.
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?
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?
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.
.
.
Different method except books of account or like presumptive income : Yet awaited.
.
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.....
After this also, is compulsory to maintain books of A/c....
Please reply.....
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