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commission

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Guest

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Guest (Querist)
28 June 2010 If some one has insurance commission income of more than Rs. 1000000 , so will he required to get his books audited or not and whether insurance commission from LIC is professional income or business income?

Please advise.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
28 June 2010 LIC income is business income and not professional and hence no need to audit if receipts less than Rs. 40 lakhs (F. Y. 10- 11 Rs. 60 lakhs).

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