Income from insurance commission
This query is : Resolved
Ashiwini Ballodia
(Querist)
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)
Note: Insurance Commission Received from Company other than LIC (Eg. TATA AIA, Reliance Life, Aviva, etc)
Prakash Kochar
(Expert)
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.
Deduction for expenses is available as per circular No. 648 dated 30.09.93 :
Otherwise as per books maintained.
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Ashiwini Ballodia
(Querist)
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"
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
(Expert)
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.
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