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​Can an insurance agent adopt the presumptive taxation scheme of section 44AD?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked almost 4 years ago

Hi I am Kruthika. I am preparing for CA exam. ​Can an insurance agent adopt the presumptive taxation scheme of section 44AD? ​

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Surbhi answered over 3 years ago

Hi, A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44D​. Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44D​.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 3 years ago

Business of plying, hiring or leasing goods carriages referred to in sections 44AE. A person who is carrying on any agency business. A person who is earning income in the nature of commission or brokerage

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Open uri20170510 32134 1c996lj?1494421732 Anil answered almost 4 years ago

The scheme of section 44D is designed to give relief to small taxpayers engaged in any business, except the following businesses: Business of plying, hiring or leasing goods carriages referred to in sections 44AE. A person who is carrying on any agency business. A person who is earning income in the nature of commission or brokerage Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) ​is not eligible for presumptive taxation scheme.​ A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44D​. Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44D​.

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