Tax Audit applicability on insurance agent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2011
my friend is agent in LIC. His gross receipt of commission during F.Y. 2009-10 is 1400000 and during F.Y. 2010-11 is 1550000. Whether he is liable for Tax audit u/s. 44ab ?
He has filed his return for A. Y. 2010-11 without audit, even he got refund of Rs. 130000.
Now he has to file his return for A.Y. 2011-12.
Pls Reply
He has filed his return for A. Y. 2010-11 without audit, even he got refund of Rs. 130000.
Now he has to file his return for A.Y. 2011-12.
Pls Reply
29 April 2011
INCOME FROM COMMISSION IS CHARGEABLE UNDER THE HEAD OF BUSINESS AND PROFESSION,
HENCE TAX AUDIT IS APPLICABLE FOR THE BOTH FINANCIAL YEAR SINCE IN THE FY 09-010 COMMISSION INCOME IS EXCEED RS. 1000000 AND IN THE FY 10.11 IS EXCEED RS. 1500000
HENCE TAX AUDIT IS APPLICABLE FOR THE BOTH FINANCIAL YEAR SINCE IN THE FY 09-010 COMMISSION INCOME IS EXCEED RS. 1000000 AND IN THE FY 10.11 IS EXCEED RS. 1500000
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2011
but for A.Y 2010-11 he got refund without audit. whether now he is safe from penalty for A. Y. 2010-11.
29 April 2011
ICAI in their publication "Issues on Tax Audit" says, insurance agency may be classified as business and not profession.
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