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?
Menu
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.
Recent Threads
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
- Which ITR Opt
- Employer Details for NRI
Related Threads
CAclubindia
