LIC AGENT INCOME
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2010
HOW TO REDUCE TAXATION BURDEN IF AN LIC AGENCT COMMISSION IN NEAR ABOUT 5 LACS.
KINDLY TELL ME
KINDLY TELL ME
CMA Ramesh Krishnan
(Expert)
27 July 2010
Sec.80C/80D/80G are available sources
CA Ravi Sisodia
(Expert)
27 July 2010
Agree with CMA.Ramesh ji, in addition to thay ---
you can borrow loan for house property and interst can be claim from house property head, and take negative house property result benefit to commission income.
you can borrow loan for house property and interst can be claim from house property head, and take negative house property result benefit to commission income.
mohinder kansal
(Expert)
27 July 2010
LIC commission is a business activity and expenses incurred to get the income may be claimed as duduction by preparing the accounts of the LIC agency business. expenses of conveyance, distribution of articles, payment made to collectors, office expenses etc. etc. which the assessee might have spent. it can be decided on the facts of the case
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