Can u tell me that COMMISSION EARNED BY LIC AGENTS, comes under which Head, either its salary or PGBP or Other sources,................ and also, If return to be filed by a assessee with ONLY this income. which ITR form to be submit............. ITR 1 or 4
ITR 4, and its income from Business and Profession, and claim all the expenses incurred in earning the commission while filing the return. so make a Income and expense statement. and computer income tax on Net profit after considering sec 80 benefits and TDS already deducted
The commission earned by an LIC agent comes under the head 'Income from other sources'. I had done it for one of our clients. An ad hoc deduction u/s 57 can be claimed by the assessee for such income & no other expenditure & deductions can be claimed for such income. Check out the conditions for availibility of ad hoc deduction u/s 57.
i hv allready filed a return for 4 to 5 yrs of one of my client who is a lic agent under Business & profession.
it can also come under other sources if it is not his main business. If you r considering it as b & p income can be computed on assumed income basis if it is below the limit .