Tax audit or not

Hi Rajesh

Insurance commission Rs. 2lacs can be shown under Income From Other Sources and you can claim the benefit of section 44AD and offer 8% of Rs. 58.50 lacs

1.since your gross receipts are more than Rs.60 lacs you are liable for tax audit under sec 44 AD.

2.Insurance commission is treated as income from other source.

3.You can file return for F.Y 2010-11 with in 31 march 2013

AUDIT IS REQUIRED U/S 44 AD, COMMISSION FROM LIC IS CONSIDER INCOME FROM OTHER SOURCES . SINCE YOUR TOTAL INCOME EXCEED AUDIT LIMIT, SO AUDIT IS COMPULSORY FOR YOU.

Tax audit is not compulsory for you as your GROSS RECEIPTS from Sub Contract Business do not exceed  60 Lakhs .  You can claim the benefit of Section 44AD   and offer your income to be 8% of the Gross Receipts from  SubContract Business

Insurance commission can be shown as Income from Other Sources

Since Gross receipts from business does not exeed 60 Laks tax audit not necessary. You can file return u/s 44AD. Insurance commission you should show in Income from other sources.

Dear Sir,

May i know what is tax audit limit for individuals and Others.?

Tax Audit is not applicable in your case as your Gross receipts are not Exceeding 60 lakhs...2 lakh received from insurance commision should be considered as income from other souces....You can clain Benefit of Sec. 44AD By making Presumptive Income & claim 8% of 58,50,000 as your Net income...

Completely Agree with AASHU SHARMA

Yes required audit u/s 44AD because section required total income of an assessee is exceed 60 lacs accounts should be audited by a ca

i am also agree with Aashu Sharma views , LIC commission we can show other source of income and it is not business income Hence Tax audit doubt does not arise here

Tax audit is not necessary for you as your gross receipts from business are not exceeding from Rs. 60/- lacs. Insurance commission will come under Income from Other Sources.