Taxable in head

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raipur
21 Points Posted on 24 January 2020
lic agent comission is taxable which head eather bussiness and profession or income from other resources
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On 24 January 2020 at 19:19 Report
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This discussion clarifies the tax treatment of agent commissions. Generally, commissions are taxable under the head 'Business and Profession' (PGBP). However, if the commission amount is very small, it might be considered under 'Income from Other Sources' (IFOS). It's important to note that presumptive taxation schemes like Section 44AD are not applicable to such commission income.

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Studwnt
1141 Points Posted on 24 January 2020
PGBP - BUSINESS
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On 24 January 2020 at 19:42
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17269 Points Posted on 24 January 2020
Note that 44AD presumptive taxation is not available on such income.

If commission amount is meagre , you may consider it under IFOS.
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On 24 January 2020 at 22:09
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2 Points Posted on 24 January 2020
It is not covered under the list of professionals of provided in income tax act hence it's taxable under business income
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On 24 January 2020 at 22:37
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CA
428 Points Posted on 26 January 2020
Business
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On 26 January 2020 at 00:02

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