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01 August 2011
Hello Sir Good Afternoon I Bhavesh Mehta From Palanpur Sir My Query Is Insurrance Agent Comission Above 100000 Rs We Make Compulsory Account Books Yes Or No If Yes Why Make Accounts Books Compulsary If No Which Form Filed Take Refund Amount Please Guide Me.
Hello Sir Good Afternoon I Bhavesh Mehta From Palanpur Sir My Query Is Insurrance Agent Comission Above 100000 Rs We Make Compulsory Account Books Yes Or No If Yes Why Make Accounts Books Compulsary If No Which Form Filed Take Refund Amount Please Guide Me.
01 August 2011
Insurance agency comes under 'business'. If commission per annum is less than Rs.60/- lakhs section 44AD can be opted. If so, no need to maintain books of accounts and audit if the income declared is not less than 8% of the commission. In such cases ITR 4S can be used for filing the return of income.
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