If an assessee is having only taxable income from Insurance commission (working as agent), can he calculate tax under presumtive income scheme (sec. 44AD). If yes, what will be his turnover, commission earner or total premium collected?
and, secondly, if tax has not been deposited till yet for previous year, what will be its implications??
Thanks in anticipation.
Pure LIC agents have diff section for calculatin of their income
https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2005ITAct/cirsec57.htm
as its below 60000 so no tax applicable, share some more data in clear language to discuss more
it will come under 44AD :) and you might have been provied with form 16A from which u will get his commission as well as TDS deducted :)
Just give that Amt Credited as total receipt and @ 100% later show the TDS details.
he will have to file ITR 4S :)
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
