banner_ad

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

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
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.
Profile Image

vijay g. nalawade

Profile Image

vijay g. nalawade (Expert)
26 August 2009 Agree with Mr. Warrier, because LIC agent is not covered under profession.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details