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Applicability of tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2013 Mr.Santosh is a LIC agent and his Gross Receipts is Suppose Rs.40,00,000/-.so,whether Tax Audit is Applicable to him or not.
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CA Rinkal

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CA Rinkal (Expert)
31 October 2013 no


as the limit of 1 crore does not exceed


and also 8% provision of sec 44AD does not applicable to commission receipt.
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Ganeshbabu K

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Ganeshbabu K (Expert)
31 October 2013 comission income is taxable under head business income hence Rs.1 crore is taxaudit limit
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