Ankit kansal
(Professional)
(43 Points)
Replied 21 June 2008
Hi,
if there is a income from commission on LIC to a person other then an agent of LIC then it will be taxable U/s Income from other source only as per the provisions of section-56 however if he is an agent of the LIC then it will be taxable U/H PGBP.
Regard,
Ankit kansal
geevarghese k baby
(student)
(20 Points)
Replied 21 June 2008
Zeel
(study/article)
(136 Points)
Replied 21 June 2008
LIC commission comes under Head PGBP and u/s 37
First year comm. 50% as Eligible deduc. 4 Exp.
Renewal comm. 15% as Eligible deduc. 4 Exp.
Bonus comm. NIL
Rajaram
(CA Practice )
(46 Points)
Replied 21 June 2008
LIC commission taxable under PGBP.But standard deduction are 50%,15% and nil for I year,Renewal and Bonus
faiz
(article assistant)
(31 Points)
Replied 22 June 2008
zeel u r partially wrong...
first year commission is eligible for 50% deduction
and
renewal commission is eligible for 15% deduction..
u said in the reverse order...
kalpana hegde
(chartered accountant)
(32 Points)
Replied 23 June 2008
Please see the concerned Rules under pgbor p in income tax book
Income from LIC commission should be taken as
first year commission is eligible for 50% deduction
and
renewal commission is eligible for 15% deduction..
renewal commission which you are mentioning is F.Y.renewal commission or renewal commission only & also inform me which income tax form it should be filled in ITR-1 or 2. If it is 2 then under the head income from other sources there are only 4 options 1. income from dividents, interest,rental income & income from horse race.
Please let me know under which category it should be mentioned.
MAMTA MALVIYA
(STUDENT)
(30 Points)
Replied 26 April 2011
if there is income of Commission from LIC ( insurance agent) and also have the salary income as employee of pvt ltd co. then under which head this income will fall ????
CAclubindia
