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?
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Regarding books of account maintenance
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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.
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