How to Treat Insurance agent commission as Business Income or Other Sources & is it he is eligible come 44AD of income tax as Eligible or else Please clarify me
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 05 July 2016
You have to file return under ITR 4.
$$AD cannot be applied on commission income
Mahesh
(Student CA IPC / IPCC)
(67 Points)
Replied 05 July 2016
Sir
Insurence Agents are not covered under eligible assesse as per 44AD of Income tax act, 1961
Arun choudhary
(articalship)
(153 Points)
Replied 05 July 2016
u should file ITR 4S & in head of other income
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 05 July 2016
I agree with Subhamji and Mahesh, Assessee can not file ITR 4S
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 05 July 2016
I agree with Subhamji and Mahesh, Assessee can not file ITR 4S
Ajith T S
(CA )
(431 Points)
Replied 10 July 2016
Commission Agent can file Return of Income through ITR 4. Under this, select business code 303 in ITR which corresponds to commission agent's business. I dont think that 44AD is applicable to Insurance Agent.
CAclubindia
