AJAY SIMHA
(CMA - final)
(190 Points)
Replied 28 June 2010
Insurance agent's commission is a profressional income and not business income, since his total income is more than 10lakhs he has to get his books audited u/s 43AB
Kumar
(Article)
(922 Points)
Replied 29 June 2010
LIC Commission are professional Income and need to be audited if the commission exceeds prescribed linit of Rs. 10,00,000(For AY 2010-11) and Rs.15,00,000 (for AY 2011-12)
Madhur
(N. A.)
(151 Points)
Replied 29 June 2010
And what if some one getting salary from LIC as Devlopement Officer, and the salry include bothe basic salary as well as commission, exceeds Rs.10 lc or Rs.40 lac??
infotech 9
(ZXCXC)
(27 Points)
Replied 29 June 2010
Important changes relating to age discrimination in UK employment law became effective in October 2006, with implications for all types of appraisals and job performance and suitability assessment. Ensure your systems, training and materials for appraisals reflect current employment law. It's helpful to understand these recent laws also if you (young or old) are being appraised. The UK (consistent with Europe) Employment Equality (Age) Regulations 2006, effective from 1st October 2006, make it unlawful to discriminate against anyone on the grounds of age. This has several implications for performance appraisals, documents used, and the training of people who conduct staff appraisals. For example, while not unlawful, the inclusion of age and date-of-birth sections on appraisal forms is not recommended (as for all other documentation used in assessing people). For further guidance about the effects of Age Equality and Discrimination on performance appraisals, and other aspects of managing people, see the Age Di
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shyam sundar
(Article Assisstant)
(183 Points)
Replied 30 June 2010
its taxable under other source as per the provisions of income tax, but not sure of tax audit.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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