Hi Freind,
One of my client had income from LIC Commission, can IT return for AY 2014-15 be filed U/s 44AD.
pls let me know as early as possible
9 Replies
Deepak Tapse
(Accounts Manager - Taxation)
(1770 Points)
Replied 11 July 2014
Also Inform labour charges received from plumbing work is also can we consider under 44AD?
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 11 July 2014
yes you can file your client return U/s. 44AD.
sushil kumar
( CA Final-Audit Assistant)
(524 Points)
Replied 11 July 2014
Dear,
Income from Commission, Brokerage, agency business and professional income are specifically excluded from presumprtive basis i.e. u/s 44AD. Hence You can't file return u/s 44AD.
razz
(nd)
(119 Points)
Replied 11 July 2014
Agree with sushil kumar....
You will get adhoc deduction on lic commission....refer sec 57...avail deduction
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 11 July 2014
cant file return u/s 44ad.
maharaj
(accountant)
(165 Points)
Replied 11 July 2014
Agree with Mr. susil kumar. If only income from LIC commission then file return IT4 and there has option to select code under General commision agent.
So go ahead.
syed kalimuddin
(article assistent)
(75 Points)
Replied 13 July 2014
You can file ITR 4S if commissin received if upto Rs. 60000 otherwise you need to submit ITR 4.
i.k.patel
(tax consultant)
(43 Points)
Replied 13 July 2014
yes, labour charges received from plumbing work can be considered under 44AD.
maharaj
(accountant)
(165 Points)
Replied 13 July 2014
Dear Mr. Syed please convey the reference or notice or circular number to me about upto Rs,60000 commission can file return in IT4S.
Please revert.
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