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INCOME TAX QUERY

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(Querist)
26 August 2008 1)LIC commission received by agent is exempt under which section

2)Explain whether the TDS to be deducted on the amount including service tax or on excluding service tax?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
02 April 2012 1. LIC commission is NOT exempt. It is taxable in the hands of the recipient.

2. If the TDS is to be deducted u/s 194I, then TDS shall be deducted only on the rental portion excluding service tax.

If however, TDS is to be deducted u/s 194C or 194J or other sections, then the TDS shall be deducted on the total bill amount including service tax.

Read circular 4/2008 dated 28.03.2008.
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