CALCULATION OF NET PROFIT FOR MANAGERIAL REMUNERATION

Dear Simranjeet,

See the attached sheet for your ready reference. Hope u find it useful for youe purpose.

regards,

ratan

one of my party has only LIC Commission income...

as it is other source income...

what is the deduction available to him....?

someone says me that

for first year commision 15% deduction is available..

& for Renewal commission 50% deduction available...

is this true...?

pls solve it as early as possible....

thanx..

Dear Arpit

In my views its a business of that person he is an agent of LIC na

so its his/her business and it will be taxable as per other individuals.

and If his turnover (receipt) is more then or equal to rs. 10.00 Lac then this case is must be Audited by a PCA

Regards

Frds Will donations paid to be allowed as the expenses for calculation of Managerial remuneration

 i need net worth calculation...

please gv me working....