Insurance commission received by LIC Agent.
could he assessed his income under section 44ada.
could he can show 50% income of total gross receipt.
insurance agent is notified under 44ada?
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section 44ADA
Replies (1)
NO
He can declare profits as derived from P&L accounts , may or may not be 50%.
Insurance agent is not allowed to take benefit of section 44ADA, as he is not carrying any profession specified u/s. 44AA
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