NettetAny income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head “Income from Other Sources”. Basis of Charge [Sec. 56]: Income chargeable to tax under the head “Income from other sources” shall include following: NettetTax on Commission Income in India Commission Income is Taxed at the rate of 5% of the total amount received as per Section 194 H of the Income Tax Act. An amount of Rs. 5,000 paid as commission income will lead to a Tax of Rs. 250 which will be deducted by the employer/paying individual.

TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE …

Nettet30. jun. 2008 · 30 June 2008 A person is receiving commission being 1. Small Saving Agent (NSC, KVP etc.) 2. Post Office RD Agent 3. PPF Agent He does this all in part … NettetAs an insurance agent, Gaurav’s total income from salary = Rs 45,000 x 10 = 4,50,000 Gaurav’s total income from insurance commission = Rs 34,000 + 25,500 – 20,000 … how tall was general omar bradley

Taxation of commission income of insurance agents - CAclubindia

Nettet19. aug. 2024 · You (as a business owner) may deduct commissions and fees paid to employees and independent contractors for their services. 2. Several types of commissions can't be deducted in the year when you have the expense. These expenses are considered capital expenses and they must be amortized (spread out over 15 … Nettet28. jul. 2024 · Whereas any periodical payment received from an insurance company is termed as annuity. Pension and annuity both are taxable as regular income. However, the head under which it gets taxed will depend on the ultimate source of such payments. Pension from ex-employer/provident office Nettet16. apr. 2009 · 17 April 2009 The income from insurance commission falls under the head "Income from business or profession " . CBDT vide its circular no 648 dt 30/3/1993 … how tall was george brenlin actor