Thank you sir, For your kind reply..
Regards Vijaykumar On Fri, Apr 3, 2009 at 9:52 AM, CA Y Kondal Reddy <[email protected]>wrote: > Dear Mr.Vijay Kumar, > > There are specific ad hoc deductions are available under income tax act > for LIC agents. > > If the commission income is less than Rs. 60, 000/- and it constitutes FYC > and RC, 50% of FY commission and 15% of renewal commision shall be allowed > as deduction. Where no break up available, ad hoc 33.33% shall be allowed as > deduction and balance shall be considered as Taxable income and normal rate > of tax shall be applied. > > and all above deductions are subject to maximum of Rs.20,000/- > > If the the commission income exceeds Rs.60,000/- normal business expenses > incurred shall be allowed as deduction and balance will be taxable. > > Please refer circular No.594/15.05.1991 and 648/30.051993 and > 677/28.01.1994 and CBDT guidelines. > Regards, > > CA YKondal Reddy > > On Thu, Apr 2, 2009 at 10:35 PM, Vijay Kumar <[email protected]>wrote: > >> Hi All, >> >> An Insurance agents gets a commission for selling the insurance product >> and earns a income of Rs. 150000, so what will be the tax rate applied on >> such cases. >> >> The insurance agent also owns a proprietory ship firm and also is an >> salaried employee in a Pvt Ltd Firm. >> >> >> Best Regards >> >> >> >> Vijaykumar >> >> Accounts Associate >> >> *Integration **Infotech **India Pvt Ltd.* >> >> Tell: 020-4018-7000 >> >> Fax: 020-4018-7010 >> >> Email: [email protected] >> >> Visit us: www.i3intl.com >> >> >> --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/SkorydovMyTaxAssistant?hl=en -~----------~----~----~----~------~----~------~--~---
