TaxTMI 
TaxTMI 
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.
Presumptive taxation
14 Mar 2014 
1 Reply 
1412 Views Asked by
Presumptive taxation not available to insurance agents; declare commission income with actual expenses via profit and loss.
The agent cannot apply the presumptive taxation scheme under section 44AD to insurance commission receipts; the agent must compute taxable income by maintaining accounts and claiming genuine expenses through a profit and loss account. (AI Summary)
The agent cannot apply the presumptive taxation scheme under section 44AD to insurance commission receipts; the agent must compute taxable income by maintaining accounts and claiming genuine expenses through a profit and loss account. (AI Summary)