sec 44ab
This query is : Resolved
AJAYA KUMAR DASH
(Querist)
28 January 2011
Good Morning
Plz guide me to be aware about the section in case of LIC Commission agent
Plz give the case studies in which it has been specifically stated that the commission will be treated as Professional Income or Business Income.
Plz guide me to be aware about the section in case of LIC Commission agent
Plz give the case studies in which it has been specifically stated that the commission will be treated as Professional Income or Business Income.
28 January 2011
I think sale of LIC policy is profession not a business, since it required special knowldge and qualifiaction.
28 January 2011
Icai in their publication "issues on tax audit" says, insurance agency may be considered as 'business'.
Guest
Guest
(Expert)
28 January 2011
Agree with Mr. Warrier
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