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tax audit

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(Querist)
22 March 2011 if the receipt of LIC agent is more than 15 lacs is he eligible for tax audit??
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 March 2011 Insurance agency will come under 'business' as per ICAI'S view. Hence section 44AB attracts only when gross receipts exceeds Rs. 60/- lacs. However section 44AD attracts if turnover is less than Rs.60/- lacs. Consequently, if profit declared is less than 8% of the gross receipts, books of account of the insurance agent has to be audited u/s 44AB.
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