Sec 44AD apply to assesses engaged in the Business of Civil Construction LIC business is not covered by this section.
Section 44AD prescribes a method of presumptive taxation for assessee engaged in the business of civil construction or supply of labour for civil construction in which a sum equal to eight percent of the gross receipts is deemed to be the profits and gains from business.
Mr. Sanjeev I have gone through the section in brief, but this is clear that Section 44AD applies to other businesses as well besides civil construction. Such businesses may be any trade ( Whether retail or wholesale),the only exclusion is for the business of plying ,hiring or leasing goods carriages covered u/s 44AE.
In fact the word "eligible business" have been specified in the section. Now my querry is whether LIC agency business comes within the category of eligible business.
LIC insurance commission income is not covered as Profession.It is non profession Income, you may show net income more than 8%.But it is better to prepare Books of Accounts. You may use 4S for Income tax Refund.