Provision on lic commission
This query is : Resolved
Priya Chugria
(Querist)
15 August 2012
My gross LIC Commsion is 177763/- and detailed books of accounts are not maintained.Whether i will get adhoc deduction u/s 57?
Also, first year renewal commission is included in lic commission?
Also, first year renewal commission is included in lic commission?
Amol S Joglekar
(Expert)
15 August 2012
Is your other income way above the TAXABLE limit? Currently you are falling below the taxable limit. Normally for small amount of commission the limit of deduction is followed.
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