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of <h1>CBDT Clarifies: LIC Development Officers' Incentive Bonuses Taxable as Salary, Only Standard Deduction u/s 16(i) Applies.</h1> The Central Board of Direct Taxes (CBDT) issued an instruction clarifying that incentive bonuses paid to Development Officers of the Life Insurance Corporation (LIC) are not exempt from income tax. Unlike insurance agents who can claim deductions on commissions, Development Officers are employees and their bonuses are considered part of their salary under the Income-tax Act, 1961. Therefore, only the standard deduction under section 16(i) is applicable. The instruction emphasizes that Development Officers cannot claim additional deductions and urges relevant officers to ensure compliance and take corrective actions on completed assessments.
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