Lic agent
This query is : Resolved
29 May 2014
FOR LIC AGENTS WHAT TYPE OF DEDUCTIONS CAN BE TAKEN FOR COMPUTING INCOME TAX
29 May 2014
if your commission in a year less than Rs. 60000/- then you can claim deduction 1/3 or rs.20000/- which ever is less if you not know the first year and renewal commission seperately.
if you know
on first year commission deduction 50%
and on renewal commission @ 15%
but maximum limit is Rs. 20000/-
an if your commission more than rs. 60000/- in a year then you have to claim
exp. when you maintain books of accounts and prepare income and expenditure a/c
and for computing tax amount you can claim u/s 80C deduction, 80D, 87A rebate.
if you know
on first year commission deduction 50%
and on renewal commission @ 15%
but maximum limit is Rs. 20000/-
an if your commission more than rs. 60000/- in a year then you have to claim
exp. when you maintain books of accounts and prepare income and expenditure a/c
and for computing tax amount you can claim u/s 80C deduction, 80D, 87A rebate.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Value of property in capital gain
- Regarding appeal to GSTAT
- Copyright software
- Invoice V/S Goods receipt Note Date
- Form 121 & TDS deduction
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
