Lic agent commission limit
This query is : Resolved
09 July 2013
Hello Sir
In F.Y 2012-13 one LIC Agent got LIC Commission near about 28 Lacs , I want to ask you it cover U/s 44AB ? how i calculate his commission limit either in turnover basis limit which is 1 Cr. or in Professional Fees limit fees which is 25 Lcas . I think there is no need to do audit U/S 44AB so Just I want to Confirm from experts so please suggest me that Audit is required or not ? and one more If audit is not require then i can file return us 44AD ?
In F.Y 2012-13 one LIC Agent got LIC Commission near about 28 Lacs , I want to ask you it cover U/s 44AB ? how i calculate his commission limit either in turnover basis limit which is 1 Cr. or in Professional Fees limit fees which is 25 Lcas . I think there is no need to do audit U/S 44AB so Just I want to Confirm from experts so please suggest me that Audit is required or not ? and one more If audit is not require then i can file return us 44AD ?
09 July 2013
a) Lic agency is 'business' for the purpose of tax audit.
b) Commission is the 'turnover' for the purpose of tax audit.
c) Turnover being less than the threshold limit ,44AB audit is not required.
d) Presumptive taxtion can't be opted for 'commission business'.
b) Commission is the 'turnover' for the purpose of tax audit.
c) Turnover being less than the threshold limit ,44AB audit is not required.
d) Presumptive taxtion can't be opted for 'commission business'.
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