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Agent commission income

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Surajit Mondal

98 Points Posted on 06 January 2021

Can a LIC agent get standard deduction 50000 and upto 250000 mil tax ?

Replies (3)

Quick Summary

This discussion clarifies how LIC agent commission income is taxed. It explains that commission typically falls under the 'Profits and Gains from Business or Profession' (PGBP) head, allowing for certain expense deductions. Salary income, if applicable, can benefit from a standard deduction of £50,000, while commission-only income may not qualify for this specific deduction but can still benefit from tax exemption up to £250,000.

ayusmita

Tax consultant

3466 Points Posted on 06 January 2021

Are you getting commission as well as salary both as lic agent if yes then standard deduction
if only commission no standard deduction
exemption limit upto 250000 no tax after it taxed

Smit Shah

280 Points Posted on 06 January 2021

Commision income will charged under PGBP or IFOS depending upon certain things and salary recieved will be able to get deduction of Rs.50000 as standard deduction