Tax Audit Limit for Commission received by LIC Agent

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 Sir my question is if an LIC agent received commission more than Rs. 10 Lakh in P.Y. 2009-10, tax audit is applicable or not

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 September 2010 commission income is business income and hence limit Rs. 40 lakhs and not 10 lakhs.

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CA. Kishore Choudhary

CA. Kishore Choudhary (Expert)
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23 November 2010 agree

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 November 2010 we should avoid to reply to threads with messages like I agree thanks, etc etc or even by answering the same answer. We should avoid any repition in the asnwer. Instead we can use the thank user icon just below the profile detail of the user in each post. We should always try to add value with your each post.

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