income tax

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CA Gaurav Gupta

CA Gaurav Gupta (Querist)
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20 September 2008 a person earned comission as a LIC agent RS 6000 what will be taxable amt 6000 or 3000.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 September 2008 If it is first year commission taxable amount is Rs 3000/- otherwise it is Rs5100/-.

Advocate Vivek Kumar Sancheti

Advocate Vivek Kumar Sancheti (Expert)
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20 September 2008 RS 6000/- will be taxable amount and it will be taxable under the head "Income from other sources".

Dear Mr. Gaurav and Mr. B.Chakrapani,can you please explain why it will be taxable at Rs.3000/-- or Rs 5100/--?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 September 2008 Ad. vivek kumar sancheti.

Pl refer circular no 648 dt.30/03/1993 of CBDT. It is reported in 201 ITR(st)4 also.

CA. Harinder Kumar

CA. Harinder Kumar (Expert)
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20 September 2008 as per board circulrs 594 15 may 1991, 648 30 march 1993 and 677 28 jan 1994 the expenses deductible from the commission earned by lic agents UTI agents and Post Office Govt securities agents and agents of notified mutual funds:-

for LIC agents adhoc ded max ded.

1st year comm 50%
renewal comm 15% Rs.20000
where separate
figure are not
avaialble 33.3333%

Bonus Comm no ded Zero

so in u r case if it is first year comm

deduction is RS. 3000
if renewal Rs. 900
if no
separate fig Rs. 2000

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