Whether lic agents can use section 44 ad, if their income is
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2012
Under Sec 44AD
Applicability :i) The provisions of this sec,. not applicable to ii) person carrying on income in the nature of commission or brokerage.
Eligible business: 1) Any business except the business coming under 44AE
Whether LIC agents can use Section 44 AD, if their income is less than 1 crore.
Applicability :i) The provisions of this sec,. not applicable to ii) person carrying on income in the nature of commission or brokerage.
Eligible business: 1) Any business except the business coming under 44AE
Whether LIC agents can use Section 44 AD, if their income is less than 1 crore.
23 June 2012
LIC agents earn COMMISSION income from LIC. Since commission income is specifically excluded from the provisions of Section 44AD, LIC agents CANNOT avail benefit of Section 44AD.
They have to compute income as per the normal provisions and file ITR 4.
They have to compute income as per the normal provisions and file ITR 4.
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