Lic commission

283 views
User Avatar

6 Points Posted on 31 January 2020
1.lic commission is treated as business income or salary income ???

2.what itr form to e-file the return????(itr 1 or itr 4 )

please clarify
0 Reply Share Follow
On 31 January 2020 at 10:40 Report
Replies (5)
Quick Summary
This discussion clarifies the tax treatment of LIC commission. It is generally considered business income under the head Profits and Gains from Business or Profession (PGBP), or potentially income from other sources (IFOS), rather than salary income. Consequently, individuals receiving LIC commission should typically file using ITR-3, as ITR-4 is generally not applicable for this type of income.

User Avatar

Studwnt
1141 Points Posted on 31 January 2020
Commission is your PGBP or other sources income...you can file itr 3 or 4
Reply
On 31 January 2020 at 11:47
User Avatar

17269 Points Posted on 31 January 2020
For any commission income, ITR4 is not applicable.

You have to use ITR 3 only.

Or if LIC Commission amount is meagre, you may show under IFOS. There won't be any issue.
Reply
On 31 January 2020 at 11:54
User Avatar

6 Points Posted on 31 January 2020
Why i cannot consider that as salary ??
Reply
On 31 January 2020 at 14:32
User Avatar

111 Points Posted on 31 January 2020
Lic commission is not a salary such incomes falls under the head IFOS
Has to file itr 3
Reply
On 31 January 2020 at 15:33
User Avatar

6 Points Posted on 01 February 2020
Thank u so much
Reply
On 01 February 2020 at 10:54

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. PCIT-1 Thane Email address
  2. CA Fees deduction for non audit case allowed?
  3. 5th Letter PAN Mismatch with Surname issues still
  4. Criteria to hire an article
  5. Guidence requested for a Finance Professional with
  6. Expert Opinion Required – Form 140 Gross Amo
  7. WRONG TAX DEMAND - formal responses , rectificatio
  8. Foreign remittance
  9. Affordable Residential Flats in Gurgaon
  10. Manufacturing

More recent discussions | Post

Related Topics :

Loading