querry on commissions

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purnima sriram (Querist)
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01 November 2009 if the commissions received is below 40 lakhs for th financial year 2009-10, should be books of accounts be audited, and what is the max.limit of commission amount received to be audited for the FY 2009-10

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 November 2009 If the annual commission received is less than Rs. 40/- lakhs in that particular business, and there is no receipts/ turnover/sales etc other than the said commission, books of accounts of that business need not be audited u/s 44AB of The Income tax Act,1961.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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01 November 2009 agree

Rahul Vora

Rahul Vora (Expert)
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02 November 2009 If the total commission received during the year is less than Rs.40 L, then books are not required to be audited u/s 44AB. Incase, there is some other business income alongwith commission, then the total if exceeds Rs.40 L, then audit of books is required u/s 44AB.

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