income tax
This query is : Resolved
20 September 2008
a person earned comission as a LIC agent RS 6000 what will be taxable amt 6000 or 3000.
20 September 2008
If it is first year commission taxable amount is Rs 3000/- otherwise it is Rs5100/-.
20 September 2008
RS 6000/- will be taxable amount and it will be taxable under the head "Income from other sources".
Dear Mr. Gaurav and Mr. B.Chakrapani,can you please explain why it will be taxable at Rs.3000/-- or Rs 5100/--?
Dear Mr. Gaurav and Mr. B.Chakrapani,can you please explain why it will be taxable at Rs.3000/-- or Rs 5100/--?
20 September 2008
Ad. vivek kumar sancheti.
Pl refer circular no 648 dt.30/03/1993 of CBDT. It is reported in 201 ITR(st)4 also.
Pl refer circular no 648 dt.30/03/1993 of CBDT. It is reported in 201 ITR(st)4 also.
20 September 2008
as per board circulrs 594 15 may 1991, 648 30 march 1993 and 677 28 jan 1994 the expenses deductible from the commission earned by lic agents UTI agents and Post Office Govt securities agents and agents of notified mutual funds:-
for LIC agents adhoc ded max ded.
1st year comm 50%
renewal comm 15% Rs.20000
where separate
figure are not
avaialble 33.3333%
Bonus Comm no ded Zero
so in u r case if it is first year comm
deduction is RS. 3000
if renewal Rs. 900
if no
separate fig Rs. 2000
for LIC agents adhoc ded max ded.
1st year comm 50%
renewal comm 15% Rs.20000
where separate
figure are not
avaialble 33.3333%
Bonus Comm no ded Zero
so in u r case if it is first year comm
deduction is RS. 3000
if renewal Rs. 900
if no
separate fig Rs. 2000
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