commission
This query is : Resolved
Guest
Guest
(Querist)
28 June 2010
If some one has insurance commission income of more than Rs. 1000000 , so will he required to get his books audited or not and whether insurance commission from LIC is professional income or business income?
Please advise.
Please advise.
Aditya Maheshwari
(Expert)
28 June 2010
LIC income is business income and not professional and hence no need to audit if receipts less than Rs. 40 lakhs (F. Y. 10- 11 Rs. 60 lakhs).
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