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Audit for LIC Agents When his Income Exceeds Rs.10.00 lacs ?

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m.s.nageswararao

m.s.nageswararao (Querist)
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26 August 2009 One of my gross commission is Rs.12.00 lacs. When his are to be audited under Section 44AB considered as that he is a professional. LIC itself is doing business , but how we say that he is a professional. Please clarify.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 August 2009 The job of an insurance agent comes under the category of "business" and accordingly if the gros receipts exceeds Rs.40/- lakhs per annum, then only the question of tax audit under section 44AB of The Income tax Act,1961 arises.
Ref:- page 24 of ICAI Publication "Issues on Tax Audit" June 2000 edition.

vijay g. nalawade

vijay g. nalawade (Expert)
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26 August 2009 Agree with Mr. Warrier, because LIC agent is not covered under profession.

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