Tax calculation on lic agent commission

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KANAKARAJ

student

34 Points Posted on 25 August 2015

SIR

individual person is earning LIC Agent commission, more than Rs.60000/- per year. he is not eligible for adhoc dedution. weather i can file the income tax return through ITR4S by showing 60 to 80 % of commission income as income under section 44AD. OR file under ITR4 as business/profession income.

If i file in ITR 4 , weather profit and loss account and balancesheet is compulsary.

if my commission income is Rs.200000/-, 250000/-,300000/- or more what can we do.

please suggest me

Replies (2)

Vishal Goel

Chartered Accountant

1725 Points Posted on 25 August 2015

Hello

There has been insertion by finance act 2012 in section 44AD to exclude applicability of presumptive provision on following—-

1. Person carrying profession as mentioned u/s 44AA (1) –legal, medical, engineering, or architectural or accountancy profession or technical consultancy or interior decoration or any other profession notified by the board.
2. Person earning commission in nature of brokerage.
3. Person carrying agency business

U can't file ITR4S.....because 44AD will not applicable in your case...