Hi Everyone,
I would like to know whether Insurance Commission [both life and non-life] received during a year is subject to audit u/s. 44ab of the IT Act? if yes, then whether the limit prescribed for professionals ie. currently 10 lacs and ongoing 15 lacs has to be reckoned or the general limits of 40 lacs --ongoing 60 lacs have to be applied?
CAclubindia
