Salary income + lic commisssion
This query is : Resolved
14 July 2012
I have a salay from privte job on which the tax has been deducted by employer and i have also earn lic commission (renewal) of rs 15,600.00 but on this income no tax deducted at source. My question is do i need to include this income while filing the return
14 July 2012
Yes, You have to include LIC commission Income also while filing of return because this is also income. You can offer it as other sources income or Business income. I think other sources income is proper because this is renewal commission so your main activity doesn't the LIC agency.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 July 2012
Thanks for your reply.
Do i need to need to pay the tax on 15600 or how much expence i can deducte from this income to so that tax libility should be minimum
Do i need to need to pay the tax on 15600 or how much expence i can deducte from this income to so that tax libility should be minimum
14 July 2012
You said LIC commission income is Renewal commission so expenses not allowed on it. However 5% of expenses on it is reasonable but better not to claim expenses on it. So you have to pay tax on this income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
14 July 2012
As your commission is below Rs. 60000/-, you can claim Adhoc Deduction of 15% on the amount of renewal commission.
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13 March 2014
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