Tax audit
This query is : Resolved
Querist : Anonymous
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.
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.
19 January 2012
Lic agent is not considered as Professional.
You have to file return u/s 44Ad for Rs. 25 Lakh.
You have to file return u/s 44Ad for Rs. 25 Lakh.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2012
thanks hardik.
so does he not considered for audit withlimit of rs.15L?
so does he not considered for audit withlimit of rs.15L?
21 January 2012
Yes... 60L will be applicable
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