Tax audit applicable or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2011 my friend is a LIC Development officer. he is a sr. business associates. he maintaining office/ authorise premium collection center of LIC. he is getting salary + incentives + nominal commission Rs. 5 per reciept of premium collected.

whether he has to file ITR 4 or ITR 1.

Whether he is liable for tax audit u/s 44 AB in following situations ----

1) His Salary 500000, incentives Rs. 1200000, premium collection commission Rs. 10000.

2) salary rs. 1600000, incentives rs. 1200000, prem. coll. fee Rs. 15000

3) salary rs. 1200000, incentives rs. 1800000, prem. coll. fee rs. 15000.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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11 May 2011 He is a salaried person and Tax Audit is applicable for business. When the sales, turnover or gross receipts from "business" exceed Rs. 60 Lakh or the Gross Receipts frmo "profession" exceed Rs. 15 Lakh, then tax audit is applicable. He has to file ITR-1 and inventives and commission received is a part of salary.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2011 He is a sr. business associate, he is maintaining his self office. incuring some expenses on his personal office. LIC providing him some office maintanance allowance. can he get benifit of expenses incured

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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12 May 2011 LIC DEVELOPMENT OFFICERS ARE TREATED AS SALARIED EMPLOYEE
REFER TO 189 ITR 28
235 ITR 635
HENCE NO TAX AUDIT IS REQUIRED

CA MANOJ GUPTA
JODHPUR
09828510543

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