WHAT IS THE TDS TYPE OF LIC AGENT

This query is : Resolved

BISWAJIT MAIKAP (Querist)
Follow

16 November 2019 MY CLIENT IS AN LIC AGENT. HE GETS COMMISSION FROM LIC. THERE ARE ALSO DEDUCTED SOME TDS . NOW HIS RETURN WILL FILE IN ITR 3 . I SELECTED HIS NATURE OF INCOME AS BUSINESS & PROFESSION AND HIS TDS TYPE AS OTHERS SOURCE.
NOW MY QUESTION IS,
1)WHAT IS HIS NATURE OF INCOME WILL APPLY HERE? BUSINESS AND PROFESSION OR OTHERS SOURCE?
2) WHAT IS HIS TDS TYPE WILL APPLY HERE?BUSINESS AND PROFESSION OR OTHERS SOURCE?

Subramanya

Subramanya (Expert)
Follow

18 November 2019 Hi Biswajit,

I suggest you to go through below given link which details out Income tax applicability for LIC agent along with Nature of transaction

https://cleartax.in/s/income-tax-return-for-insurance-agents

I hope this article will clarify your doubts on Income tax applicability for LIC agent

with regards,
Subramanya R

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
Follow

27 November 2019 i wanted to Know that , what will the nature of income , when LIC agent file his income tax return in FAORM ITR 3 ?
1) business or profession
2) others source income

Upgrade to CAclubindia Pro. Subscribe Now!