Insurance agency -- business or profession
This query is : Resolved
08 August 2016
An insurance agent has commission receipts of Rs. 31 lacs for financial year, on which TDS has also been charged. He is ineligible u/sec. 44AD. However, for the purposes for Sec. 44AB, his turnover will be considered under business (1crore limit) or profession (25 lac limit)?
If business, then no 44AB but if its profession then 44AB becomes applicable...please clarify
Thanks in Advance
If business, then no 44AB but if its profession then 44AB becomes applicable...please clarify
Thanks in Advance
08 August 2016
It is only an agency business. 44AB not applicable since the commission received will be considered as his turnover.
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