Insurance agent commision
This query is : Resolved
Amit Lipare
(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
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
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 .
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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