44AD not applicable for insurance income,hence deductions to be taken as actuals and books to be maintained or not?
Can it be taken as bn income from business or profession?
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Insurance commission of 3lacs & along with other professional income of 4lacs (44AD) what is tax.
Replies (1)
Books of accounts/accounting records for INDIVIDUALS have to be maintained if the income from business or profession exceeds Rs. 250,000 or turnover/gross receipts exceeds Rs. 25,00,000 in any of the 3 preceding years for an existing profession.
In your case if aggregate income does not exceed 2.50 L no need to maintain books.
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