Commission income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2012
THE ASSESSEE IS HAVING GROSS COMMISSION RECEIPTS OF RS.18.00 LACS DURING THE F. Y. 2001-2012 FROM LIC, WHETHER THE ASSESSEE IS LIABLE TO GET HIS ACCOUNT AUDITED UNDER THE IT ACT.
22 September 2012
No he will not be liable for audit.
23 September 2012
ICAI in their publication 'Issues on Tax Audit' says insurance agency is 'business'. Since Commission income of such business is less than ,the threshold limit, Rs. 60 lakhs, audit under the income tax act is not mandatory.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
