Under Income Tax Act, 1961, Please any body can make me clarify that whether maintaining the books of account in case of Insurance commission from LIC exceeds Rs. 60000.00 is complusory?
Menu
Regarding books of account maintenance
Replies (1)
Dear Vikas,
As per Section 44AA of Income tax Act 1961, read with Rule 6F an assesse is required to maintain books of accounts only in the following cases,
1. If he is a professional and his gross receipts exceeds Rs. 1,50,000 in all 3 previous years OR
2. In other cases, where his gross receipts exceeds Rs. 1,20,000 in any of the 3 previous years OR
3. His total turnover exceeds Rs. 10,00,000 in any of the 3 previous years.
In your case, since the commission amount is just Rs. 60,000 there is no need to maintain BOA.
Recent Threads
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
- Heard and Seen Around - Your Daily Economic Quick
- Returning to India - Residency confusion
- About CMP-08
- RCM List on GST
Related Threads
CAclubindia
