I am an LIC agent and want to know Income from LIC commission taxable in which HEAD and TDS which is 10%deducted by LIC company how can I refund whereas my annual income is less than exemption limit of Income-Tax.
=>Which return suit to me for LIC Income +Salary income + Other sources.
=>Once return filled for refund purpose then would have to filled return every year where income taxable or not.
01 November 2012
LIC commission income is under business income head. For your sources of income ITR 4 return form. On submission of return you will get refund of TDS amount. If your income is below limit in subsequent years you will not be under obligation to submit return if income is below limit, it will be at your discretion.
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