LIC Commisssion under which head

Hi,

   if there is a income from commission on LIC  to a person other then an agent of LIC then it will be taxable U/s Income from other source only as per the provisions of section-56 however if he is an agent of the LIC then it will be taxable U/H PGBP.

Regard,

Ankit kansal

LIC commission comes under Head PGBP and u/s 37

First year comm. 50% as Eligible deduc. 4 Exp.

Renewal comm. 15% as Eligible deduc. 4 Exp.

Bonus comm. NIL

LIC commission taxable under PGBP.But standard deduction are 50%,15% and nil for I year,Renewal and Bonus

zeel u r partially wrong...

first year commission is eligible for 50% deduction

and

renewal commission is eligible for 15% deduction..

u said in the reverse order...

Please see the concerned Rules under pgbor p  in income tax book

Income from LIC commission should be taken as

first year commission is eligible for 50% deduction

and

renewal commission is eligible for 15% deduction..

renewal commission which you are mentioning is F.Y.renewal commission or renewal commission only & also inform me which income tax form it should be filled in ITR-1 or 2. If it is 2 then under the head income from other sources there are only 4 options 1. income from dividents, interest,rental income & income from horse race.

Please let me know under which category it should be mentioned.

if there is income of Commission from LIC ( insurance agent) and also have the salary income  as employee of pvt ltd co. then under which head this income will fall ????