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Income from insurance commission

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(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)
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Prakash Kochar

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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.
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Ashiwini Ballodia

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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"
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Prakash Kochar

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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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