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Presumptive profit from profession of Lic amd MF agent

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CMA
28 Points Posted on 04 January 2021

I am earning income as lic   agent  and employed in psu ,earning salary

Receipt from Lic and MF commission   is less than 2.5 lacs can I go for 44AD Presumptive Income or otherwise

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On 04 January 2021 at 14:30 Report
Replies (5)
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11 Points Posted on 04 January 2021
 Sec 44AD not applicable to a person earning income in the nature of commission or brokerage.
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On 04 January 2021 at 15:49
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378 Points Posted on 04 January 2021
No. You cant apply for Sec 44 AD
1 Reply
On 04 January 2021 at 15:53
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Accountant
4533 Points Posted on 04 January 2021
No you can't
go for normal business income
19 Reply
On 04 January 2021 at 16:19
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STUDENT
1631 Points Posted on 04 January 2021
Choose,

2 heads

1.Income From Salary

2.Non - specified profession without books of account ( under 44AD)
3 Reply
On 04 January 2021 at 22:10
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17264 Points Posted on 08 January 2021
Salary income will go under salary head.
LIC MF commission brokerage will be as business income under PGBP . TAKE CARE of TDS on Commission income
101 Reply
On 08 January 2021 at 17:51


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