Lic Agent ITR

hello

my 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
Replies (18)
Quick Summary
This discussion clarifies which Income Tax Return (ITR) form a LIC agent with a total income of around Rs. 10 lakh should use. Participants recommend ITR 3. The conversation also delves into calculating taxable income, specifically for commission earnings. It explains that if commission is not a primary business and received only once, it falls under 'income from other sources'. For regular LIC commission income, deductions can be claimed based on segregated figures (first year, renewal, bonus) with specific percentages, or a flat 33.33% if figures aren't segregated, subject to certain limits and conditions.

You need to file ITR 3
Itr 3 as you getting commission being agent
Agree with Mr. Jennifer and Ms. ayusmita
@ Rama Krishnan Ji

Mr. Jennifer ?
Sorry sir, auto correct .. it's Mr. jatinder
@ Rama Krishnan Ji

Ok, no problem

Kabhi Kabhi ho jata hai
Thanks Mr jatinder for understanding
Commission/ Brokerage Received from one sale of land.under which head of income to be disclosed
How much amount is taxable total 10lac or 33% I. e. 6.70lac?
@ murugesan if commission is not your business
only you received for once n like that then it comes under income from other sources
Only Lic Comssion Income 10lac per year

@ sujata can you be little clearer as 33.33%comes when separate figure are not allowable so elaborate little more

@ 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

 

I agree sir thank you for valuable support last question is
I hv segigate figure ,there is no salary income from Co. only L.I.C commission
1000000*33.33%= 333000
In ITR 3 under commission head shown amt-666700/-
Is correct please guide

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