Tax audit under section 44 ab

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Sowmya.S.Balan

Paid Assistant

749 Points Joined December 2009

Dear Friends,

In our case a doctor received professional income of Rs.12 Lakhs & tds deducted u/s 194 j & she also received insurance commissin income of Rs.30 lakhs & tds deducted u/s 194 D

We are taking insurance commission income as business income & it is not taken as tax audit. can you please tell me whether our view is correct or not?

Replies (1)

pahuja

C.A Final Student

472 Points Joined July 2011

Hi Soumya, Your view is absolutely right, insurance commission income is covered under the basket of business. I.T.R 4 is attracted and 44AB is not attracted till 60 lac. Thanks and Regards Suraj Pahuja.