Is there any deduction u/s 57 for lic agent

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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.

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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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.

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