LIC COMMISSION

Last post 08-02-2010 3:07 AM by chandu1928. 1 replies.
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  • 07-31-2010 9:58 AM

    LIC COMMISSION

    which box to click for income from lic commission
    • Post Points: 20
  • 08-02-2010 3:07 AM In reply to

    Re: LIC COMMISSION

       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 business of profession.

    if the income is  commission on lic  then you need to file itr-2  way to enter with taxyogi

    choose casual income under the head other sources

     if you are an agent then you have  to file itr-4

    • Post Points: 5
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