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Insurance agent commision

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(Querist)
01 August 2009 kindly give me your openion on below question

1. every agent have filed ITR 4?(Yes/No)
2. complesion to prepare balance sheet & P& L Account or there is any limit for preparation those statment
3. maintent Books of accounts
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
01 August 2009 If Agent is only insurance agent. Then it is taxable under head Profit and gains from business & Profession. i.e ITR 4 will be filed for it.
If commission receipts are less than 10 lacs, then no need to maintain books of accounts. and no complusion of preparing balance sheet and profit & loss a/c , but have to maintain records of expenses and receipts for calcualting profit .
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