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.
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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?
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