querry on commissions
This query is : Resolved
01 November 2009
if the commissions received is below 40 lakhs for th financial year 2009-10, should be books of accounts be audited, and what is the max.limit of commission amount received to be audited for the FY 2009-10
01 November 2009
If the annual commission received is less than Rs. 40/- lakhs in that particular business, and there is no receipts/ turnover/sales etc other than the said commission, books of accounts of that business need not be audited u/s 44AB of The Income tax Act,1961.
01 November 2009
agree
02 November 2009
If the total commission received during the year is less than Rs.40 L, then books are not required to be audited u/s 44AB. Incase, there is some other business income alongwith commission, then the total if exceeds Rs.40 L, then audit of books is required u/s 44AB.
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