Lic Agent ITR

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.