dear sir, in my individual capacity I earned 350000 as commission from hdfc life, 36000 from Apollo Munich, and 64000 from sbi General Insurance.
I also earn bank interest and I have rental income.
please clarify income tax rates to be applied to Insurance commission and clarify standard deductions.
Parveen Kumar Garg
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Insurance commission and income tax
Replies (2)
Income Tax Rates will be slab rates according to your financial year. For FY 1819, taxability starts from 250000 @ 5% till 5L, 5L to 10L @ 20%, above 10L @ 30%.
Will insurance commission earned will be reduced by 50% as business expenses for computation of total income?
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