Income tax on insurance premium income

Hii

you have to pay income tax on your income 

thus if GsT deducted then your income is 8.2 lakhs 

but generally this deduction not applicable on you because GsT is indirect tax which had to pay by insurance companies under reverse charge on commission paid to you 

plz check this is GsT or TDS 

mid this is TDS then your income will be 10 lakhs 

Hi

Commission on insurance is covered under reverse charge mechanism. The commission taxable to you under income tax shall be amount exclusive of GST.

Taxable commission for you would be amount received + TDS deducted.

As per GST act Insurance company are liable to deduct GST amount & deposit the same to government.

So for you income that will be shown in income tax would be Rs.8.2 Lakhs

Please rate 5 for my answer & provide valuable feedback so that i can improve me answer in future. 

Dear Sir,

Hope you are doing well !!

You will have to pay tax on income exclusive of GST.

Are you a commission agent?

Or have you received maturity amount on your insurance policy?

Why would company deduct GST from your income?

Please clarify the transaction.

Prima facie 10 lakh should be the income amount.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hello,

GST on insurance commissions is applicable on RCM basis. The insurance company has to pay the GST on such commission.

For income tax purposes, your total income would be Rs. 8.20 Lakhs. (Amount received plus TDS deduction if any)

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani