Tax on lic commiission
This query is : Resolved
29 May 2013
income from lic commission deduction of first &
renewal commission in total commission
renewal commission in total commission
29 May 2013
u can show expense related to your business. but what is the exact question??
29 May 2013
If you are an insurance agent and the commission your received is above the minimum taxable limit then you are required to pay tax. Insurance co must have deducted TDS on the commission payment. If the commission received is below the minimum taxable limit, Then you should file a return and apply for refund.
But pls ask the question clearly so that I can help you out more specifically.
But pls ask the question clearly so that I can help you out more specifically.
30 May 2013
Commission income of Insurance agent it is treated as ‘business income’.
ITR-4 is to be used;
In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.
And can claim TDS deducted if any
ITR-4 is to be used;
In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.
And can claim TDS deducted if any
30 May 2013
r/sir
under circulat no 677 dt28.1.1994
ON LIC COMMISSION
TOTAL COMMISSION UPT O rS. 60000
ON FIRST YEAR COMMISSIOM DEDUCTION @ 50%
ON RENEWAL @ 15%
IF YOUR NOT KONW THEN 1/3 OF TOTAL COMMISSION
BUT MAXMIUM RS. 20000/- DEDUCTION CAN CLAIM
BUT WHEN TOTAL COMMISSION EXCEED RS 60000/-
THEN YOU MAKE P/L
BOTH CASE USE FORM -4
under circulat no 677 dt28.1.1994
ON LIC COMMISSION
TOTAL COMMISSION UPT O rS. 60000
ON FIRST YEAR COMMISSIOM DEDUCTION @ 50%
ON RENEWAL @ 15%
IF YOUR NOT KONW THEN 1/3 OF TOTAL COMMISSION
BUT MAXMIUM RS. 20000/- DEDUCTION CAN CLAIM
BUT WHEN TOTAL COMMISSION EXCEED RS 60000/-
THEN YOU MAKE P/L
BOTH CASE USE FORM -4
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
