Whether the commission received by a two wheeler insurance agent a professional income or business income. I have to decide whether the insurance agent will be treated as a profession for tax audit purposes and liable for tax audit on receipt of 25 lakhs and above or a business so as the limit stands at 1 crore.
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Insurance agent commission receipt profession or business
Replies (3)
Business involves buying and selling while professionals do only service. accordingly, Insurance agent, CA, Doctors, brokers etc. comes under professionals and exempted from tax audit upto Rs.50 Lakhs
CA NNRAO
Person doing whole sale business of selling onion. He gets advance money from third person against which he sends material of money which he had received, but he charges commission for his work. so what will be said commission treated ? Business or professional income
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