Insurance Commission
This query is : Resolved
03 February 2011
Mr. X is expecting a commission of Rs. 3.5 lacs for this financial year. Can I make a P&L A/c and claim expenses and whether it is compulsory for him to maintain books of accounts in this case?
Regards,
Devendra
Regards,
Devendra
03 February 2011
Yes, Books of Accounts are compulsory.
You first make Books of Account and after that prepare profit & loss a/c.
You first make Books of Account and after that prepare profit & loss a/c.
Guest
Guest
(Expert)
03 February 2011
Agree with Mr. Bafna
04 February 2011
For an agent earning more than Rs. 60K in a FY, shall claim expenses under the IT Act. In that case he need to maintain books prescribed as per Sec. 44AA
Guest
Guest
(Expert)
05 February 2011
Agree with experts
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