Commission income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 September 2012
THE ASSESSEE IS HAVING GROSS COMMISSION RECEIPTS OF RS.18.00 LACS DURING THE F. Y. 2001-2012 FROM LIC, WHETHER THE ASSESSEE IS LIABLE TO GET HIS ACCOUNT AUDITED UNDER THE IT ACT.
22 September 2012
No he will not be liable for audit.
23 September 2012
ICAI in their publication 'Issues on Tax Audit' says insurance agency is 'business'. Since Commission income of such business is less than ,the threshold limit, Rs. 60 lakhs, audit under the income tax act is not mandatory.
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