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Lic commission - sec 44ad

Rajshekhar S Choudgund (Audit Assistant) (36 Points)

11 July 2014

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

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9 Replies

Deepak Tapse (Accounts Manager - Taxation) (1771 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) (528 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.

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razz (nd) (124 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.