one of my assesse , who is lic agent, received commission from lic, no other proffessional or business income relating to him, then under what head of income commission received from lic taxable
CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
22 July 2010one of my assesse , who is lic agent, received commission from lic, no other proffessional or business income relating to him, then under what head of income commission received from lic taxable
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 22 July 2010
Under the head Profit and Gains from Business or Profession
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear friend
it is taxable under head pgbp as he receives commission from lic.
regards
tarun rustagi
mehul kishnani
(student)
(264 Points)
Replied 22 July 2010
Dear frnd
its in pgbp but pls do take d benefits available to lic agents through ad hoc deduction provided commission earned is less than rs 60000
Somshekar (Rankholder)
(-)
(158 Points)
Replied 22 July 2010
if commission does not exceed 60000. adhoc deduction upto max 20000 available
harish .k
(STUDING)
(306 Points)
Replied 22 July 2010
Dear chaitanya ,
it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC ,
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 23 July 2010
| Originally posted by : Akhil Gupta | ||
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Under the head Profit and Gains from Business or Profession |
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| Originally posted by : harish .k | ||
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Dear chaitanya , it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC , |
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SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 01 August 2010
it is taxable under PGBP , he can claim deductions from that income as nominal exps , bal amount is taxable & adhoc provision also applies in that commission agents of LIC ,
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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