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COMMISSION FROM LICI

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83 Points Posted on 08 July 2019
SIR
COMMISSION FROM LICI RS.16,00,000 SIR MY QUARY CAN I GET PROFIT U/S 44ADA ABOVE 8% OR ABOVE 50% IS IT PROFESSIONAL INCOME OR NOT

sir plz advice me
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On 08 July 2019 at 16:50 Report
Replies (6)
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Student CA
1005 Points Posted on 08 July 2019
no ,44ad is not applicable for commission incomes
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On 08 July 2019 at 18:31
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83 Points Posted on 08 July 2019
sir can I claim 10% profit on p/l a/c
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On 08 July 2019 at 18:36
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student
408 Points Posted on 08 July 2019
no, you've pay tax on commission net of other expenditures. and the option of paying tax on 8% of gross receipts is not available to commission business
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On 08 July 2019 at 19:59
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83 Points Posted on 08 July 2019
SIR AFTER BOOKING EXPENDITURE MY PL A/C SHOWING PROFIT 22% IS IT ALLOWABLE OR NOT PLZ ADVICE ME SIR
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On 08 July 2019 at 20:48
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student
408 Points Posted on 08 July 2019
yes you can but I would highly recommend you to consult a CA, as some expenses as per your profit and loss account could be disallowed.
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On 08 July 2019 at 21:02
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7059 Points Posted on 07 August 2019
good clarification and information
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On 07 August 2019 at 18:19


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