Presumptive taxation, Income Tax

[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.

Posts / Replies

[CA GOPALJI AGRAWAL]

You cannot claim the presumptive rate of 8 percent as you are not an eligible assessee u/s 44AD. You can claim your genuine expenses through profit & loss account.