Dear sir, I am a l.i.c.agent &Commission recieved of A/Y 2012-13 Rs,300000/- Approx ,i pay l.i.c.premium is Rs,85000/-, Pl,give me advise detail of other deduction & exepenses PETROL-15000/-,SALARY-60000/-,STASNORY-10000/-,TELEPHONE-7000/-,SUNDRY EXE-15000/-Are allow for exempted for taxable income
Being an LIC Agent you have to incur expenditure like Conveyance (Petrol)Exp., Telephone Exp, Stationery Exp, etc. You may claim reasonable expenses from the Gross Income from Commission. . Suppose Your Net Commission Income in this way comes to Rs. 265000/-. Show it in the head Income from Business & Profession. . You may not have to pay any Tax as you are eligible to get Deduction U/s 80C towards LIC Prem. paid. .
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