Lic agent

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AMIT KR GHOSH

AMIT KR GHOSH (Querist)
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29 May 2014 FOR LIC AGENTS WHAT TYPE OF DEDUCTIONS CAN BE TAKEN FOR COMPUTING INCOME TAX

Rupesh Jain

Rupesh Jain (Expert)
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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.

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