Tax on lic commiission

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sandip

sandip (Querist)

29 May 2013 income from lic commission deduction of first &
renewal commission in total commission

TKKKKKK

TKKKKKK (Expert)

29 May 2013 u can show expense related to your business. but what is the exact question??

Pankaj Gupta

Pankaj Gupta (Expert)

29 May 2013 If you are an insurance agent and the commission your received is above the minimum taxable limit then you are required to pay tax. Insurance co must have deducted TDS on the commission payment. If the commission received is below the minimum taxable limit, Then you should file a return and apply for refund.

But pls ask the question clearly so that I can help you out more specifically.

Ganeshbabu K

Ganeshbabu K (Expert)

30 May 2013 Commission income of Insurance agent it is treated as ‘business income’.

ITR-4 is to be used;

In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.

And can claim TDS deducted if any

Rupesh Jain

Rupesh Jain (Expert)

30 May 2013 r/sir
under circulat no 677 dt28.1.1994
ON LIC COMMISSION
TOTAL COMMISSION UPT O rS. 60000
ON FIRST YEAR COMMISSIOM DEDUCTION @ 50%
ON RENEWAL @ 15%

IF YOUR NOT KONW THEN 1/3 OF TOTAL COMMISSION
BUT MAXMIUM RS. 20000/- DEDUCTION CAN CLAIM

BUT WHEN TOTAL COMMISSION EXCEED RS 60000/-
THEN YOU MAKE P/L

BOTH CASE USE FORM -4

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