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.
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
Aggarwal Sarawagi and Co
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Shyam Joshi & Associates
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SSGS and Associates
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CAclubindia
