Insurance agent

avneesh (Querist) 28 July 2013 This query is : Resolved
a person is agent of Life Insurance Corporation (L.I.C.). his total commission of A/Y 2013-2014 is Rs. 25,00,000.
he want to file income tax return.

Question-:

1.- is it business income or professional income or other sources income.
2.- is audit required or not

Follow Query

Report Abuse

C. P. CHUGH (Expert) 02 September 2013
Income from Commission from Insurance Business is taxable under the Head "Income from Business or Profession". Since Gross receipts are less than the amount specified u.s 44AB, Audit is not required. Commission income is not included in eligible business for the purposes of section 44AD, meaning there by the Assessee has to maintain books of accounts.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries

Uds sale by flatpromotors
Registered sale agreement
Sale of property agreement not executed
Criminal law
Get back money from a scam through report cyber hunters
Cheque bounce case
Overhead water tank
Wrongfully name removed from pr card
Lost property agreement need non traceable certificate
How i won a million dollars

Vacation judge
Legal notice used for harrasment
Settlement
What is the meaning of possession (legally) of apartment
Is advocate guilty?
Advocate�s duty to justice apply to the pre-litigation ?
Legal opinion on baseless legal notice and law
Dismissals due to defective legal notices
Legal notice content
Validity of legal notice.....