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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2013 LIC agent is not getting the commission shown in form 16A, he is getting amount lesser than what is shown in Form 16A. is there any way to find out what deductions have been made in his commission?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 August 2013 get the details from the insurance company with statement of accounts. and also check the form 26AS details

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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2013 thank u sir. form 16A and 26AS amount credited match but his bank account is credited with lesser amount. Insurance company is not providing any details on repeated enquiry.what is the solution in such cases while filing returns?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 August 2013 send the statement of accounts to Insurance company for confirmation with mentioning as if not replied with in time limit, the same deemed to be confirmed. Insurance company will be reply

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2013 ok and is loan taken lic policy eligible for deduction? if so under which section?

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2013 and also how to treat profession tax deducted by lic?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 August 2013 Loan is not deductible from the income. PT deducted by LIC can be taken as deduction

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