Lic Agent ITR
Sujata Dube (Student) (76 Points)
12 December 2020my Total Income around Rs.10lac .
Which Income tax Form to be use?
How to calculate Taxable Income?
last Year I have shown under the
head 'Other income 'ITR 1
Please Guide
Sujata
Sujata Dube (Student) (76 Points)
12 December 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 13 December 2020
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 13 December 2020
Murugesan Govindarajan
(6 Points)
Replied 13 December 2020
Sujata Dube
(Student)
(76 Points)
Replied 13 December 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 13 December 2020
ayusmita
(Tax consultant)
(5885 Points)
Replied 13 December 2020
@ sujata can you be little clearer as 33.33%comes when separate figure are not allowable so elaborate little more
ayusmita
(Tax consultant)
(5885 Points)
Replied 13 December 2020
@ sujata as I don't know the basics or few things related to you
I simply state the calculation
Salary income from insurance company + commission income excluding deduction - other dectuduction or exemption as per income tax act you get your net taxable income
Note your total commission will be not taxable
Total commission including first year commission renewal commission and bonus commissionn if less than 60000 for the year then 50% on first year commission and 15%on renewal commission and respectively if you have segigate figure deduction allowed but if you have no segregated figure then 33.33% I think( just check the percentage) directly cut from gross income from those
But that doesn't mean you cut 33.33% directly as department have the report with him
Sujata Dube
(Student)
(76 Points)
Replied 13 December 2020