Salary income + lic commisssion [Resolved]

This query is : Resolved

Anil (Querist)

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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

Anil

Anil (Querist)

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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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

Anil

Anil (Querist)

14 July 2012 Thanks again for you help.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 July 2012 As your commission is below Rs. 60000/-, you can claim Adhoc Deduction of 15% on the amount of renewal commission.
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Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)

13 March 2014 Now you can ask your query in online chat. without paying anything or becoming member.
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