HELLO SIR,
INCOME EARNED BY WAY OF LIC COMMISION TO BE FILED IN WHICH ITR AND EXPENSES RELATION TO THE INCOME CAN BE DEDUCTED FROM THAT INCOME. MY CLIENT EARN AN INCOME OF AROUND 2 LACS IN FINANCIAL YR 2017-18.
PLS GUIDE
TNX
Menu
Lic commission earned
Replies (5)
In simple way LIC commission can be shown under income from other source and ITR 1 can be filed.
There is no need to prepare P&L as the income is lower than basic exemption limit.
Otherwise u can prepare P&L and file ITR 3.In my opinion it is not required.
Tnx for the reply . Can I SHOW the net income income derived after deducting the expenses related to lic income or the whole AMT as show in form 16A to be disclosed in ITR1.
The expenses to be around some 15000/-
Total commision amount in Form 16 A ie RS.2 lacs should be shown in ITR 1.
Expenses can be deducted only in ITR 3 ie when you are preparing P&L.
SIR,
for LIC agency holder, he required for gst registration?
for LIC agency holder, he required for gst registration?
Recent Topics :
- 12A registration expired in FY 22-23 and is not re
- Seeking Clarification on Business Code Selection a
- CG on property sold after construction of a house
- Nursing Home Taxability
- CA opted for Form 10IEA mistakenly - Demand raised
- Query on scenario related to FAST DS 2026
- Audit Executive (Remote, India) - Ace Auditing Off
- GST Transaction On Used Clothing
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
Related Topics :
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
ARTICLESHIP
01 September 2026
Articles
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
