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.
25 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
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