Salary income + lic commisssion
This query is : Resolved
14 July 2012
I have a salay from privte job on which the tax has been deducted by employer and i have also earn lic commission (renewal) of rs 15,600.00 but on this income no tax deducted at source. My question is do i need to include this income while filing the return
14 July 2012
Yes, You have to include LIC commission Income also while filing of return because this is also income. You can offer it as other sources income or Business income. I think other sources income is proper because this is renewal commission so your main activity doesn't the LIC agency.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 July 2012
Thanks for your reply.
Do i need to need to pay the tax on 15600 or how much expence i can deducte from this income to so that tax libility should be minimum
Do i need to need to pay the tax on 15600 or how much expence i can deducte from this income to so that tax libility should be minimum
14 July 2012
You said LIC commission income is Renewal commission so expenses not allowed on it. However 5% of expenses on it is reasonable but better not to claim expenses on it. So you have to pay tax on this income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 July 2012
As your commission is below Rs. 60000/-, you can claim Adhoc Deduction of 15% on the amount of renewal commission.
.
.
13 March 2014
Now you can ask your query in online chat. without paying anything or becoming member.
For fast and quick real time reply click on following link and ask your query in online chat
https://arssolutions.co.in
-Abhishek Ranjan Singh
+919022838615
For fast and quick real time reply click on following link and ask your query in online chat
https://arssolutions.co.in
-Abhishek Ranjan Singh
+919022838615
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
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- GST ITC REVERSE
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
