20 June 2011
I have a doubt ......... whether a old circulars overrides new amendment made in the ACT ?
According to circular no. 648 insurance agent liable to maintain books of accounts if he earns commission more than Rs. 60000.
According to new amendment in section 44AD it includes "all business". since as per guidance note on tax audit insurance agency covered under business. so now as per new amendment insurance agent may declare 8 % profit in without maintaing books of accounts.
whether insurance agent can show 8% income u/s. 44 AD ???
CAclubindia
