one of my assesse , who is lic agent, received commission from lic, no other proffessional or business income relating to him, then under what head of income commission received from lic taxable
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lic commission
Replies (9)
Under the head Profit and Gains from Business or Profession
dear friend
it is taxable under head pgbp as he receives commission from lic.
regards
tarun rustagi
agreed wid above reply
Dear frnd
its in pgbp but pls do take d benefits available to lic agents through ad hoc deduction provided commission earned is less than rs 60000
if commission does not exceed 60000. adhoc deduction upto max 20000 available
Dear chaitanya ,
it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC ,
| Originally posted by : Akhil Gupta | ||
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Under the head Profit and Gains from Business or Profession |
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| Originally posted by : harish .k | ||
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Dear chaitanya , it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC , |
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it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC ,
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