Jaspreet Singh
CA PCC STUDENT
[ Scorecard : 226]
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Posted On 02 December 2009 at 22:58
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Plez tell me that can an income of an insurance agent is taxable if it exceeds Rs.10 lakhs a year?
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Aditya Maheshwari
CA
[ Scorecard : 4792]
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Posted On 04 December 2009 at 13:45
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If commission exceeds Rs. 40 lakhs then liable for tax audit
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Harshal
Article Assistant
[ Scorecard : 178]
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Posted On 04 December 2009 at 16:04
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Insurance agents are covered under business and thus the limit for them under 44AB is Rs. 40,00,000 and thus Section 44Ab is not applicable to them wen der Commission income exceeds Rs. 10,00,000 but is lower than Rs. 40,00,000....
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VISWESWARA RAO
Advocate
[ Scorecard : 30]
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Posted On 05 December 2009 at 18:47
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Insurance Agents are not come under definition of "Profession", therefore, the provisions of Sec. 44AB are applicable only the Gross receipts from business is exceeds Rs. 40,00,000/-.
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Ansari
Nothing
[ Scorecard : 424]
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Posted On 05 December 2009 at 23:09
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| Originally posted by :Harshal |
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Insurance agents are covered under business and thus the limit for them under 44AB is Rs. 40,00,000 and thus Section 44Ab is not applicable to them wen der Commission income exceeds Rs. 10,00,000 but is lower than Rs. 40,00,000.... |
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