Agent commission income
Surajit Mondal (94 Points)
06 January 2021
Can a LIC agent get standard deduction 50000 and upto 250000 mil tax ?
3 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 06 January 2021
Are you getting commission as well as salary both as lic agent if yes then standard deduction
if only commission no standard deduction
exemption limit upto 250000 no tax after it taxed
if only commission no standard deduction
exemption limit upto 250000 no tax after it taxed
Smit Shah
(524 Points)
Replied 06 January 2021
Commision income will charged under PGBP or IFOS depending upon certain things and salary recieved will be able to get deduction of Rs.50000 as standard deduction
Kapadia Pravin
(17259 Points)
Replied 07 January 2021
LIC agent commission shall be under PGBP. You get certain fixed deductions percentage towards expenses etc. slabs for deductions are there.
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