if someone have earned a 10 lac insurance commission & incurred expenses for 7.5 lac thus net profit arriving at 2.65 lac . is there any need for tax audit ?
1 Replies
Aditya Sharma
(finance advisory)
(377 Points)
Replied 01 June 2015
if it is an individual/ HUF firm than not at all....you can claim basic exemption limit of 2,50,000 and also sec 80 C + 80 D etc. and other section 80 deductions and make this income of 2.65 lacs totally exempt...but you must have earned commission after deducting TDS...so while filing return make sure you account for all TDS.....you will get the refund if TDS is more than your tax payable.
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