Where to enter money earned from LIC commission

Hi

Team, I am filing itr through quicko, zerodha, but not able to find in which section to enter the commission earned.

1 Like

Hi Pankaj

Income from LIC Commission will be classified under the head Income from other sources.
If being an LIC agent is your primary business then you can report it under the head Income from Business/Profession and also deduct any expenses.

Hope this helps.:slight_smile: :slight_smile:

LIC deducts the TDS before paying the maturity money ! (irrespective of the amount) .

Is this the Rule ?
or
can we submit the Form 15H/G ? if yes , how / where to submit the Form 15h/g?

The LIC Agent says ; THIS is the RULE : LIC deducts the TDS before paying the maturity money ! (irrespective of the amount) .
So , submitting the Form 15H/G will not help !

is it so ?

@Shrutika_Shah
@Sakshi_Shah1
@Laxmi_Navlani
@Muskan_Balar

Hi @HIREiN,

Form 15G/H is not applicable for Income from Maturity Proceeds of LIC.
Also, Form 15G/H is filed when the Income of the taxpayer does not exceed the basic exemption limit.

In this case, irrespective of the amount credited as Net Income (Maturity Proceeds less Premium paid), TDS will be deducted.

Hope this clarifies!

but how much ?
last month i got money credited 20,000/= . and 4000/= deducted as TDS !
i did not understand the calculation of the TDS !

Hi @HIREiN,

TDS on LIC Maturity Proceeds is deducted @2%.

but . it sounds . they deducted the TDS at 20% ?
or if the TDS is 2% ; my returns should have been 200000/= ?
am i right or am i missing something here ?

Hi @HIREiN,

We are not the right person to help you here. In this case, you will have to connect with the LIC Agent to know further as they are the right person who can help you.