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Can an audit is required under sec.44AB for insurance agent?

Jaspreet Singh (Accountant) (327 Points)

02 December 2009

Plez tell me that can an income of an insurance agent is taxable if it exceeds Rs.10 lakhs a year?

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7 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 04 December 2009

If commission exceeds Rs. 40 lakhs then liable for tax audit

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Harshal (Article Assistant ) (182 Points)
Replied 04 December 2009

Insurance agents are covered under business and thus the limit for them under 44AB is Rs. 40,00,000 and thus Section 44Ab is not applicable to them wen der Commission income exceeds Rs. 10,00,000 but is lower than Rs. 40,00,000....

VISWESWARA RAO (Advocate) (278 Points)
Replied 05 December 2009

Insurance Agents are not come under definition of "Profession", therefore, the provisions of Sec. 44AB are applicable only the Gross receipts from business is exceeds Rs. 40,00,000/-.

Ansari (ca final) (444 Points)
Replied 05 December 2009

Originally posted by :Harshal
"	Insurance agents are covered under business and thus the limit for them under 44AB is Rs. 40,00,000 and thus Section 44Ab is not applicable to them wen der Commission income exceeds Rs. 10,00,000 but is lower than Rs. 40,00,000....	"