Whether Audit is necessary?

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Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2010 My question is that whether the Insurance agents shall get its books audited if its gross commission is above Rs. 10lakhs.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 June 2010 I have two answers for the issue.
1) Insurance agency comes under "business" as per ICAI Publication "Issues on Tax Audit". Thus, gross receipts if crosees Rs. 60/- lakhs per annum then only tax audit applies.
2) But now a person is eligible to become insurane agent if and only if he/she pass IRDA examination. For IRDA qualified agents, insurance agency can be viewed as a "Profession". If the cited issue is analysed in that angle, accounts are to be audited if the gross receipts exceeds Rs. 15/- lakhs per annum.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2010 Then wht exactly shud i do.. get the books audited..

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 June 2010 i think it should be considered as profession and 15 lacs limit should be considred

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