Is there any deduction u/s 57 for lic agent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2014
I am lic agent & salary income, Expert & taxpayers please suggest me which itr should be field &a also Is there any deduction u/s 57 of Income Tax Act, for Income earned by LIC agent as income from other sources. my commsion income for f y 2013-14 is Rs. 40800/- only If, yes, please send me the reference/circular/case law.
18 July 2014
see circular no 648 dt 30 march 1993.
if gross income of lic agent is less than 60000/ in a year then adhoc dedction of 33.33% is available . if figure of first year comm and renewal comm is available separately then 50% of first year comm and 15% of renewal comm subject to rs 20000/- is available. no ad hoc deduction on bonus comm.
if gross income of lic agent is less than 60000/ in a year then adhoc dedction of 33.33% is available . if figure of first year comm and renewal comm is available separately then 50% of first year comm and 15% of renewal comm subject to rs 20000/- is available. no ad hoc deduction on bonus comm.
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18 July 2014
CBDT Circular No 648 dated 30.03.1993 reported in 201 ITR (St) 4.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2014
Thanks to all for information
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