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insurance commission agent

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(Querist)
15 October 2010 My client is a insurance commission agent of LIC. the gross receipts of commission of Rs.20.00 lakhs. (i) is it covered by profession or business (ii) is it to be tax audited u/s 44AB of the IT Act or not.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
15 October 2010 As per ICAI guidelines, insurance agency comes under "business" and not under "profession".
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haridhayalan

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haridhayalan (Expert)
15 October 2010 U/s 44AB limit is 40L. please mention the year. so no need for tax audit.
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