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AJAYA KUMAR DASH (Querist)
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28 January 2011 Good Morning
Plz guide me to be aware about the section in case of LIC Commission agent

Plz give the case studies in which it has been specifically stated that the commission will be treated as Professional Income or Business Income.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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28 January 2011 I think sale of LIC policy is profession not a business, since it required special knowldge and qualifiaction.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 January 2011 Icai in their publication "issues on tax audit" says, insurance agency may be considered as 'business'.

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Guest (Expert)

28 January 2011 Agree with Mr. Warrier

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