LIC Commission

If some one  has  insurance commission income of  more than Rs. 1000000 , so will he required to get his books audited or not and whether  insurance commission from LIC is professional income or business income?

Please advise.

Replies (5)

Insurance agent's commission is a profressional income and not business income, since his total income is more than 10lakhs he has to get his books audited u/s 43AB

LIC Commission are professional Income and need to be audited if the commission exceeds prescribed linit of Rs. 10,00,000(For AY 2010-11) and Rs.15,00,000 (for AY 2011-12)

And what if some one getting salary from LIC as Devlopement Officer, and the salry include bothe basic salary as well as commission, exceeds Rs.10 lc or Rs.40 lac??

Important changes relating to age discrimination in UK employment law became effective in October 2006, with implications for all types of appraisals and job performance and suitability assessment. Ensure your systems, training and materials for appraisals reflect current employment law. It's helpful to understand these recent laws also if you (young or old) are being appraised. The UK (consistent with Europe) Employment Equality (Age) Regulations 2006, effective from 1st October 2006, make it unlawful to discriminate against anyone on the grounds of age. This has several implications for performance appraisals, documents used, and the training of people who conduct staff appraisals. For example, while not unlawful, the inclusion of age and date-of-birth sections on appraisal forms is not recommended (as for all other documentation used in assessing people). For further guidance about the effects of Age Equality and Discrimination on performance appraisals, and other aspects of managing people, see the Age Di
___________________________________________________________-
[url=https://www.officechairsuk.com/office_chairs.html] office chair[/url] | [url=https://www.officechairsuk.com] office chairs[/url]

its taxable under other source as per the provisions of income tax,  but not sure of  tax audit.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details