Global income of resident is liable for taxation: Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1440
“LIC COMMISSION INCOME: WHETHER BUSINESS OR PROFESSION”
TAX TALK-02.07.2012-THE
HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “LIC COMMISSION INCOME:
WHETHER BUSINESS OR PROFESSION” Query 1] Mr. X is having commission income of Rs. 15,82,760/-.
The Commission is derived from LIC, Sahara & HDFC. Whether his income is
professional income or business income? Because, if it is a professional income,
then he has to get his books audited u/s 44AB. Otherwise, can he file his
return u/s 44AD in ITR 4S. Apart from doctors, lawyers, architects, CA’s who
else can be professional? What norms have to be taken into consideration?
Please clarify. [saju_sak@hotmail.com] Opinion: 1.A person who is carrying on
business is required to get its books of accounts audited if the gross
sales/receipts/ turnover exceeds Rs. 60 Lacs for the Financial Year 2011-12
(The limit has been enhanced to Rs. 1 Cr from the F.Y. 2012-13).A person who is carrying on profession, the
limit for audit for the F.Y. 2011-12 is Rs. 15 Lacs (From FY 2012-13, it is Rs.
2…
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