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querry on commissions

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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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CA Devanshi Gandhi (Ajani)

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

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Rahul Vora (Expert)
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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