Presumptive taxation

[jatin Gandhi]

Hello,

I am a insurance agent and I have received insurance commission of Rs.135000/- in current financial year. Can I show income at the rate of 8 percent on Rs.135000/- as presumptive income.

AI Summary

Insurance Agent Ineligible for 8% Presumptive Tax Rate Under Section 44AD, Must Claim Genuine Expenses Instead An insurance agent inquired about declaring an income of Rs. 135,000 at an 8 percent presumptive rate for tax purposes. A Chartered Accountant responded, clarifying that the agent is not eligible for the 8 percent presumptive taxation under section 44AD. Instead, the agent should claim genuine expenses through the profit and loss account.