Query regarding insurance commission

ITR 1159 views 6 replies

Mansi

CA (Final) B.com

939 Points Joined March 2009

Dear Members,

Greetings of the day,

i have a query regarding Income from Insurance Commission , one of our client receiving income as Insurance commision for which his tds has been deducted of Rs. 22485 For A.y. 2012-2013 . so i think his income tax return should be filled in ITR 4 as his income is from business and profession as well as his non taxable limits exceeds from Rs. 180000.

but my query is that:-

Can i maintain books of account under section 44AA for this income. i know this net profits exceeds Rs. 120000 so after claiming Exp.???

simply i fill the coulmn no 51 in Return,where regular books of account are not maintained??

Thanks in Advance

Mansi Batra

Replies (6)

Sanket

!..Live to Give..!

16432 Points Joined December 2010

Yes, if u are not going for presumtive taxation, then you have to maintain your books, and be taxed as per ur income......

Mansi

CA (Final) B.com

939 Points Joined March 2009

Sir, i dont get it... can u please tell me that i need to maintaion books of accounts or in this case

ritz varghese maliakel

articleship

21 Points Joined May 2012

i didn't get it

Sanket

!..Live to Give..!

16432 Points Joined December 2010

According to me........Yes, you need to maintain book of account by virtue of Section 44AA of the income Tax Act........

CA ADITYA SHARMA

CA IN PRACTICE

16719 Points Joined May 2011

Originally posted by : !..SaNKeT..!
	According to me........Yes, you need to maintain book of account by virtue of Section 44AA of the income Tax Act........

agree

DIBYENDU

SERVICE

266 Points Joined August 2008

As per Budget passed for the Financial Year 2012-2013, provides retrospective effect from Assessment Year 2011-2012, no presemptive Income allowed person enaged in profession, commission or brokerage or agency business.So, you have mentain four accounts U/s 44AA OF iNCOME tAX aCT 1961