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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2012 My query is whether LIC commission agent having commission income is considered as profession for the incometax purpose?

commission receipt Rs.25L wheteher he is require to get his books of accounts for tax audit?
as per my view it should be considered as profession and limit of Rs.15L should be applicable.
But i am also getting opinion that it can be considered as a bussiness and limit of Rs.60L for tax audit will be applicable. the insurance commission agent is not specifically mentioned in the list of profession mentioned thats why conflict is arised.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
19 January 2012 Lic agent is not considered as Professional.
You have to file return u/s 44Ad for Rs. 25 Lakh.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2012 thanks hardik.
so does he not considered for audit withlimit of rs.15L?
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
21 January 2012 Yes... 60L will be applicable

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