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Taxability of LIC commission

Tina Jain (CA) (250 Points)

30 May 2018

lic comission will be taxable under which head of income?

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16 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (196302 Points)
Replied 30 May 2018

What is the total amount of commission received?

1 Like

Tina Jain (CA) (250 Points)
Replied 30 May 2018

Rs 2326 and also it is also for the first and last time he received that amount , as he is no more agent now

(Guest)

Income from Other Source

1 Like

rama krishnan (12244 Points)
Replied 30 May 2018

other sources

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Tina Jain (CA) (250 Points)
Replied 30 May 2018

he is not selling/ issuing any policies so he is not receiving any commission eventhough he is an agent on paper, then we can take that income under income from other sources?

(Guest)

Originally posted by : Tina Jain
	he is not selling/ issuing any policies so he is not receiving any commission eventhough he is an agent on paper, then we can take that income under income from other sources?

Yes

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RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 30 May 2018

No...
(He is an Agent in Paper)
In the paper says "He is get Commission. Then No way for declare in IFOS...

It will be shown PGBP as Commission Income...

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Tina Jain (CA) (250 Points)
Replied 30 May 2018

if he is having other business income also alongwith that commission then how it will be shown and deduction?

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 30 May 2018

LIC COMMISSION - For the Nature income is Commission income. So, It's declare under PGBP.

Also His other income will be treated as per Nature of Income...

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Tina Jain (CA) (250 Points)
Replied 30 May 2018

and deductions available for commission income?

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 30 May 2018

Originally posted by : Tina Jain
	and deductions available for commission income?

DEDUCTION MEANS CHA-VIA & 80C....?

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Tina Jain (CA) (250 Points)
Replied 30 May 2018

no deduction of expenses , as there is something like 50% deduction of first commission, i m not asking not about other deduction under chapter v1 or 80c

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