MR. X IS HAVING INCOME FROM NATIONAL INSURANCE FOR F.Y 10-11 (AROUND RS. 3.5 LAKHS). CAN I SHOW IT AS PRESUMPTIVE INCOME U/S 44AD AND FILE ITR-4S. THE ISURANCE CO. HAS ALSO DEDUCTED TDS U/S 194D @ 10% (IE. RS. 35000).
PLEASE GUIDE.
THANK YOU
REGARDS,
DEVENDRA K
If the work is in the nature of Business then definately Sec.44AD is applicable as words used in 44AD is "ANY BUSINESS"
ASSESSEE IS EARNING INSURANCE COMMISSION.
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