Income from insurance commission

This query is : Resolved

Ashiwini Ballodia (Querist)
Follow

29 August 2015 In which head of income will Insurance Commission will be taxable and is there any exemption or deduction available for the assessee on Insurance Commission.

Note: Insurance Commission Received from Company other than LIC (Eg. TATA AIA, Reliance Life, Aviva, etc)

Prakash Kochar

Prakash Kochar (Expert)
Follow

02 September 2015 iNSURANCE COMMISSION INCOME IS COVERED UNDER HEAD business income.
Deduction for expenses is available as per circular No. 648 dated 30.09.93 :
Otherwise as per books maintained.

Message likes : 1 times

Ashiwini Ballodia

Ashiwini Ballodia (Querist)
Follow

09 September 2015 Thanks Sir.
Whether it is applicable for Insurance Agent other LIC because in circular No. 648 dated: 30/09/1993 it is written as "deduction to insurance agents of LIC"

Prakash Kochar

Prakash Kochar (Expert)
Follow

10 September 2015 During 1993 only Life Insurance Company was in this business. Circular was applicable for income upto Rs. 60000/- commission, and limit is not enhanced. This ratio may be applicable for commission earned from other Life insurance business commission also.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now