lic comission will be taxable under which head of income?
16 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195640 Points)
Replied 30 May 2018
What is the total amount of commission received?
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
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
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...
(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...
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...
Also His other income will be treated as per Nature of Income...
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
(Guest)
| Originally posted by : Tina Jain | ||
|
and deductions available for commission income? | |
https://blog.cleartax.in/income-tax-on-insurance-commission/
rama krishnan
(12244 Points)
Replied 30 May 2018
lic commission it should be shown under other sources
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