Tax Audit applicability on insurance agent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2011 my friend is agent in LIC. His gross receipt of commission during F.Y. 2009-10 is 1400000 and during F.Y. 2010-11 is 1550000. Whether he is liable for Tax audit u/s. 44ab ?

He has filed his return for A. Y. 2010-11 without audit, even he got refund of Rs. 130000.

Now he has to file his return for A.Y. 2011-12.

Pls Reply

CA Navin Jain

CA Navin Jain (Expert)
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29 April 2011 INCOME FROM COMMISSION IS CHARGEABLE UNDER THE HEAD OF BUSINESS AND PROFESSION,

HENCE TAX AUDIT IS APPLICABLE FOR THE BOTH FINANCIAL YEAR SINCE IN THE FY 09-010 COMMISSION INCOME IS EXCEED RS. 1000000 AND IN THE FY 10.11 IS EXCEED RS. 1500000

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2011 but for A.Y 2010-11 he got refund without audit. whether now he is safe from penalty for A. Y. 2010-11.

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