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Diversion of Income from individual to company

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Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2011 Dear All,

I am a person who has the LIC liecence and earning the commision from this liecence. I am the director of company and I m having the 55% stake in this company. I want to divert my commision income to the company. I could not take the liecence on the name of company.

So kindly suggest me to transfer my commission income to company income.

Thanks in Advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 May 2011 You may please refer the terms of your LIC Agency
License /Contract or agreement.

It is strictly prohibited to divert or share the commission income.

More ever, your idea to divert individual income into Company also does not sound prudent.

The benefit- which a company can take can also be taken by the individual agenet also. But the reverse is not true.

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