01 September 2013
One of my freind earned LIC Commission of Rs 29 ,00, 000/ - and tds Deducted by LIC is 2,96,006/- U/s 194(d) . He is required to get his accounts audited u/s 44AB? Plz rply its urgent..
01 September 2013
HE IS NOT REQUIRED TO GET HIS ACCOUNTS AUDITED UP TO HIS COMMISSION RECEIPTS OF RS. 1 CRORE AS THE ACTIVITY HAS BEEN HELD TO BE A BUSINESS.
02 September 2013
Sir but under which section it is written that commission income is business income. His CA ask him for doing tax audit as this income is treated as professional income.
02 September 2013
Commission income has not been included in the definition of the professional income, because agent is selling policies on behalf of LIC, And they are not providing purly professional services like doctors, CAs, Advocates Etc. so Agree with Expert.
CAclubindia
