Jaspreet Singh (Accountant) (327 Points)
02 December 2009Plez tell me that can an income of an insurance agent is taxable if it exceeds Rs.10 lakhs a year?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 04 December 2009
If commission exceeds Rs. 40 lakhs then liable for tax audit
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.... | " |
Tejal S More
(Article Assistant)
(22 Points)
Replied 26 August 2010
Can an audit is required under 44AB for postal & lic commission agent?
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 26 August 2010
| Originally posted by : Aditya Maheshwari | ||
 |
If commission exceeds Rs. 40 lakhs then liable for tax audit |
 |
S P Sahu
(CA Industrial Training)
(101 Points)
Replied 04 December 2010
Is Real Estate Agent and Any Commission Agent exceed turnover of Rs. 10 lakh is liable to tax audit u/s. 44AB
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