Whehter an insurance agent having gross annual commission of more than 10 lacs rupees is required to get his accounts audited ? If Yes, under which Section ? Please clarify.
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Audit requirement for lic agent
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| Originally posted by : foram ca | ||
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Whehter an insurance agent having gross annual commission of more than 10 lacs rupees is required to get his accounts audited ? If Yes, under which Section ? Please clarify. |
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As per ICAI Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961, activities of an insurance agent have been held to be business (Para 4.4).
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Provision relating to tax audit applies to every person carrying on business, if his total sales, turnover or gross receipts in business exceed,
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Provision relating to tax audit applies to every person carrying on business, if his total sales, turnover or gross receipts in business exceed,
For AY 2012-13 = Rs. 60,00,000
For AY 2013-14 = Rs. 1 Crore
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