Taxability of income of lic agents and other such commission
This query is : Resolved
12 August 2012
Sir,
If an person is earning commission income from Sahara India financial corporation on deposits made through him,will his income still be offered as PGBP or will it be income from other sources?
Also, is there any publication issued by ICAI on "Issued on Tax Audit" in this regard like that of insurance agency commission?
If an person is earning commission income from Sahara India financial corporation on deposits made through him,will his income still be offered as PGBP or will it be income from other sources?
Also, is there any publication issued by ICAI on "Issued on Tax Audit" in this regard like that of insurance agency commission?
12 August 2012
Insurance agency comes under 'business' as per ICAI publication "Issues on Tax Audit". Therefore, such commission income has to be offered under PGBP.
12 August 2012
Commission Income is always a derivative of business and not from a profession.
In professions the receipt is in the nature of fees, professional charges, etc. and is related to service.
In professions the receipt is in the nature of fees, professional charges, etc. and is related to service.
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