Income from commission income
This query is : Resolved
Rishi Agrawal
(Querist)
17 July 2012
I wanted to know if an assessee is a commission agent and receives commission income above Rs.1500000/- is he liable for audit u/s 44AB of the Income Tax Act? (Is he considered as Professional?) If yes please let me know the reference for the same if any.
CA PARAS BAFNA
(Expert)
17 July 2012
Commission Income is treated as a Business Income and not a professional Income. You may refer Section 44AA and notifications issued there under for the list of specified
professions.
.
As such Audit is not required on the turnover of Rs. 15.00 lac.
.
professions.
.
As such Audit is not required on the turnover of Rs. 15.00 lac.
.
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