banner_ad

Life Insurance, etc. Agents – Maintenance of Books of A/cs

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 February 2011 Benefit of ad-hoc deduction from commission is available to the agents of Life Insurance/ UTI/ Post Office / Govt Secs. etc. if commission earned by them in a year is less that Rs. 60,000/-.
Does it mean that they have to maintain proper books of accounts if their commission receipt is equal to or more than Rs. 60,000/-? Many professionals and people believe as such, however, Sec. 44AA does not require this. Please suggest with case-laws and circulars/notifications/etc, if possible.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
28 February 2011 If the conditions as in 44AA(2) are satisfied, those assessee's has to keep and maintain such books of accounts (not necessarily the prescribed books of accounts)so as to enable the AO to compute the total income in accordance with the provisions of the IT Act,1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details