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Nov 21, 2023 · LIC typically stands for "Life Insurance Corporation is the largest life insurance company in India and is owned by the government. It was established in 1956 and has been offering insurance to millions of people across the country for over 60 years.
Nov 21, 2023 · The Steps to pay LIC premium Online are : Registered policyholders can visit LCI website. Click on the Customer Portal option. A popup may appear, asking if you are sure you want to continue as this may lead to an external link. Click "OK" to proceed. Once you're in the customer portal, look for the 'Quick Pay' option.
Dec 24, 2010 · To LIC Premium A/C 45000. To Interest on LIC A/C 30000. In this you will treat the amount of Rs 30,000. as interest income (revenue receipt). However he can claim this as deduction u/s 80C for Rs 30,000. Hope this has helped you. Rahul Gupta (Chartered Accountant) (644 Points) Replied 24 December 2010.
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Dec 20, 2023 · As per the notification 13/2017 dated 28/6/2017 entry no 7 , In case of Insurance commission Agent GST payable under RCM , by LIC . Just consult with your LIC branch office. Take others opinion as well. Gst is payable under RCM. but since aggregate turnover is above 20 lakhs. have to take gst registration.
May 23, 2014 · Now, the Interest on Loan from 2011 to 2014 became Rs.25 Lakhs, hence, the total loan outstanding incl. Interest became Rs.1 Crore (75 L + 25 L). My query is whether the Interest of Rs.25 Lakhs on Loan from LIC is allowable as expense from Business Income. Sir, It is your personal loan or Business loan, If you having business loan then you ...
Sep 24, 2013 · Dear Chirag. Kindly refer to section 194A which clearly says that no TDS has to be deducted on Interest paid/payable to banks, Financial corporation, LIC, Other insurance companies, UTI and other notified institutions. I hope this resolves your query. regards. Ashwani Narnoli (.) (1843 Points) Replied 24 September 2013.
Dec 28, 2011 · The answer is NO it is not taxable under income tax. Under the provisions of section 10 (10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy, including the sum allocated by way of bonus on such policy is exempted from income-tax. However any sum (not including the premium paid by the assessee) received ...
Feb 15, 2014 · 11 Replies. akanksha (CA Final Student) (325 Points) Replied 15 February 2014. Commission is taxable under the head "Income from other sources". If assessee has salary too from some other employer then salary will be taxable under the head "Salary Income". Deductions or exemptions as available to any other individual wil be applicable.
Jun 22, 2012 · 22 June 2012 SERVICE TAX IS APPLICABLE ON L.I.C AGENT IF TURNOVER INCOME 32 LAC IN THE F.Y 2011-12.AND. SEC 44AD WILL BE APPLICABLE ON THIS INCOME. CA Siddhartha Bhardwaj (Expert) Follow. 23 June 2012 1. A LIC agent provides service to LIC. LIC is the service recipient and not the customer of the agent. 2. In case of such service, the service ...
