02 July 2011
Sir Please tell me if commission received by Insurance Agent is below taxable limit i.e. Rs.160000 ( AY 2011-12) is he liable to maintain books u/s 44AA ?
02 July 2011
In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA (1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year. So in your case 44AA is applicable.
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