Applicability of tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2013
Mr.Santosh is a LIC agent and his Gross Receipts is Suppose Rs.40,00,000/-.so,whether Tax Audit is Applicable to him or not.
31 October 2013
no
as the limit of 1 crore does not exceed
and also 8% provision of sec 44AD does not applicable to commission receipt.
as the limit of 1 crore does not exceed
and also 8% provision of sec 44AD does not applicable to commission receipt.
Ganeshbabu K
(Expert)
31 October 2013
comission income is taxable under head business income hence Rs.1 crore is taxaudit limit
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