Hello
Please let me know whether the corporate agent of any insurance agency is covered under profession category and whether the audit u/s 44AB will be applicable for receipts over 10 lacs.
K K GUPTA
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Audit u/s 44AB
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HI DEAR,
IT IS CONSIDERED AS BUSINESS INCOME AND THRESHOLD LIMIT OF 40 LAKHS WOULD BE APPLICABLE IN ORDER TO BE ELIGIBLE FOR TAX AUDIT U/S 44AB.
REGARDS,
MANOJ
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