Lic Agent ITR

749 views
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.

User Avatar

Tax consultant
5895 Points Posted on 13 December 2020

If you have your segregated figure means renewal commission bonus commissionn or Frist year commissionn etc etc then the deduction is allowed as per the respective%of those less 60000 not directly 33.33% 

 

Reply
On 13 December 2020 at 18:15
User Avatar

12244 Points Posted on 13 December 2020
If the commission earned is less than Rs 60,000, the deduction on the first year’s commission is 50% of the commission. In case of renewal commission, the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.In case, the separate figures are not available then 33 ⅓ % of the gross commission will be allowed as deduction.
1 Reply
On 13 December 2020 at 18:27
User Avatar

Tax consultant
5895 Points Posted on 13 December 2020

Sorry to forget to say maximum deduction allowed to 20000 which is said by ram krishna sir

Reply
On 13 December 2020 at 18:46
User Avatar

Student
76 Points Posted on 14 December 2020
Thank you so much all of you sir for guidance
Reply
On 14 December 2020 at 18:43

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Last Date To Fill ITR For Non-Audit Case
  2. Guidance Required on Filing Fresh Registration und
  3. IT Return Refund Status AY 2026-27
  4. Clarification Regarding Income Tax Demand Notice
  5. Online PAN Download: Check How?
  6. Demand of Late fee/Interest under section 75 of GS
  7. DSC registration on TRACES portal
  8. Can we get registered for MCA if we get a Virtual
  9. DONATION PAYMENT REG
  10. GST IDS Refund – Statement 01A: Invoice Not

More recent discussions | Post

Related Topics :

Loading