TaxTMI 
TaxTMI 
2018 (11) TMI 470
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....30,893/- made by the AO with the help of section 10(14) of the Income Tax Act, 1961. 3. Brief facts in this regard are that the assessee is a Development Officer with Life Insurance Corporation of India Ltd. ("LIC" for short). He filed return of income on 25.5.2010 declaring total income at Rs. 13,81,040/-. This income includes an amount of Rs. 11,02,977/- representing incentive bonus received from LIC. Return of the assessee was selected for scrutiny assessment and notices under section 143(2) along with 142(1) of the Act were issued and served upon the assessee. During the assessment the AO noticed that the assessee has claimed 30% deduction out of incentive bonus received. On further examination, the AO observed that incentive bonus rec....
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.... dated 18.4.2018. On the other hand, the ld.DR while supporting orders of the Revenue authorities below submitted that there is no provision in the Income-tax Act to provide any deduction for earning incentive bonus, which is assessable under the head "salary" income, therefore, claim of the assessee is not allowable. 5. We have considered rival submissions and gone through the record. On this issue, we would like to take note of decision of the Tribunal in the case of Nitin T. Bhuptani (supra) relied upon the assessee to support to its case. The relevant portion of the decision reads as under: "At this stage, before adverting to the specific claim made by the assessee, we would like to take note of LIC's scheme formulated for considerin....
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....l be authorized to: 1.Collect Renewal Premiums from all policyholders. 2.Collect Proposal Deposits transaction from agents under his/her organization. 3.Register Proposal of agents working under his/her organization. 4.Submit Proposal of agents working under his/her organization through Electronic Media (E Proposal). The following add on functions will be allowed to a Senior Business Associates. 1.Issue of Policy Status Reports. 2.Issue of Revival /Loan/Surrender value quotations. 3.Issue of forms. 4.Issue of Certificates to the policyholders for income tax purpose. 5.ULIP Statements. Benefits and Allowance: For the purpose of allowing benefits and allowances, such Senior Business Associates would be divided into 3 ....
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....the limits of mumbai Muncipal Corporation (Greater Mumbai), Dombivlli, Kalyan, Thane, Bhawandi, Uthasnagar Bassein Muncipalities and Navi Mumbai New Delhi-Faridabad, Ghaziabad, gurgaon, Noida. The following benefits will be provided to such Senior Business Associates for marketing and customers related services: 1. One time interest free advance for making alternations in the office infrastructure, renovation, purchase of furniture etc. As shown below: Particulars Category-I Category-II Category-III Maximum amount of Advance (Rs.) 1,50,000 1,25,000 1,00,000 Repayment Term 4 Years installments) ( 48 4 Years installments) ( 48 4 Years ( 48 installments) Installment per month (Rs....
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....he reimbursement towards Office maintenance including the month/s for which he could not achieve the benchmark. It may be noted that the deficit for a particular quarter shall not be carried forward to the next quarter. Additional reimbursement: The additional reimbursement allowed to such Senior Business Associates for collection of renewal premium/proposal deposits, submission and registration of E proposal shall be as shown below: I) A transaction fee of Rs. 5/- per policy for Collection of renewal premium proposal deposits. The transaction fee in case of proposal deposits will be paid when the BOC is adjusted to NB Premium. II) A transaction fee of Rs. 107- per policy for collection of Proposal Deposits, Submission and re....
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....n 10(14) of the Act, since the assessee has assessed under the head "salary". It cannot be disputed that as a Development Officer of LIC, main task is to develop business for the LIC. For that, the DO has to undertake various functions like, (i) collect renewal premiums from all policyholders, (ii) collect proposal deposits transaction from agents under his/her organization, (iii) register proposal of agents working under his/her organization, and (iv) submit proposal of agents working under his/her organization through Electronic Media (E Proposal), which is apart from work of selection and appointment of agents, training, guiding and motivating agents, etc. therefore, the expenses incurred by the assessee are to be wholly, necessarily and....