Taxability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 Sir/Madam,
Mr X had following Incomes for the F.Y. 2013-14:
Salary Income - 100000.00
LICI Commission Income - 130000.00.

Now, my queries are:
1.LICI Commissions taxable under which head?
2. What amount of expenses he can claim from LICI Commission Income?

Sandeep Dharar

Sandeep Dharar (Expert)
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23 June 2014 LIC Commission will b taxable under other sources if it is not the main source.

If X is receiving fix salary and the commission is also received from the same employer from which salary is received, then Commission will b taxable as a part of Salary.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 Sir,
No, Salary Income is from other Employer.
If LICI Commission for RS. 130000.00 is to be taxed under PGBP, then what will be the amount of deduction?
And if LICI Comission is to be taxed under Other Sources, then what will be the deduction?

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Querist : Anonymous

Querist : Anonymous (Querist)