Insurance Commission

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Proprietor
50 Points Posted on 03 July 2010

Hi Everyone,

I would like to know whether Insurance Commission [both life and non-life] received during a year is subject to audit u/s. 44ab of the IT Act? if yes, then whether the limit prescribed for professionals ie. currently 10 lacs and ongoing 15 lacs has to be reckoned or the general limits of 40 lacs --ongoing 60 lacs have to be applied?

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On 03 July 2010 at 13:01 Report
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Learner
4898 Points Posted on 03 July 2010
Dear Sir, Yes, Tax audit will be required if the amount of commission exceeds Rs. 60 lacs during the year.
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On 03 July 2010 at 15:13

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