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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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