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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- SGST balance is there in credit ledger how to adjust for cgst
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
