sir my freind is LIC Agent & LICHFL Agent and his income is Rs.13,00,000/- for the year 2009-10 whether he has to submit Audit report for filing his income tax returns
anil kumar (proprietor) (27 Points)
10 February 2011sir my freind is LIC Agent & LICHFL Agent and his income is Rs.13,00,000/- for the year 2009-10 whether he has to submit Audit report for filing his income tax returns
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 11 February 2011
LIC agency would not come under the specified profession. Hence, limit of 60 lakhs is applicable instead of INR 15 lakhs for financial year 2010-2011.
Thanks and Regards,
Manoj B. Gavali
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