Answer To Query
This query is : Resolved
CA Nitin Wadhwani
(Querist)
24 August 2008
author : riken
Posted On : 8/24/2008 5:12:03 PM
can any one tell me that lic agent is applicable to business or profession and WHY?
Ans : Yes.Because Insurance agency is a Profession.
author : riken
Posted On : 8/24/2008 5:12:03 PM
can any one tell me that lic agent is applicable to business or profession and WHY?
Ans : Yes.Because Insurance agency is a Profession.
pushpendra
(Expert)
24 August 2008
Yes LIC agent is come under the business or profession because it require training and licence and ( Special Skill) to work as LIC Agent
25 August 2008
Commission earned by a LIC Agent is taxed as business income. The role of the LIC agent is to procure business for LIC and like other commission agents it involves a normal business activity which may even be carried out by persons having contacts and putting a little effort which may not require special skill whether technical or professional.
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