Answer To Query

This query is : Resolved 

24 August 2008

author : riken
Posted On : 8/24/2008 5:12:03 PM
can any one tell me that lic agent is applicable to business or profession and WHY?

Ans : Yes.Because Insurance agency is a Profession.

24 August 2008 Yes LIC agent is come under the business or profession because it require training and licence and ( Special Skill) to work as LIC Agent

25 August 2008 Commission earned by a LIC Agent is taxed as business income. The role of the LIC agent is to procure business for LIC and like other commission agents it involves a normal business activity which may even be carried out by persons having contacts and putting a little effort which may not require special skill whether technical or professional.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries