Taxability of income of lic agents and other such commission

This query is : Resolved

Vishal Kumar (Querist)
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12 August 2012 Sir,

If an person is earning commission income from Sahara India financial corporation on deposits made through him,will his income still be offered as PGBP or will it be income from other sources?

Also, is there any publication issued by ICAI on "Issued on Tax Audit" in this regard like that of insurance agency commission?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 August 2012 Insurance agency comes under 'business' as per ICAI publication "Issues on Tax Audit". Therefore, such commission income has to be offered under PGBP.

Taxguy

Taxguy (Expert)
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12 August 2012 Commission Income is always a derivative of business and not from a profession.

In professions the receipt is in the nature of fees, professional charges, etc. and is related to service.

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