I got commission from iciciprulife insurance.They have credited to my account after deducting 18% gst. what amount will be included in my income? which was credited to my account or including gst.

Ans: Hello Shiv,

The commission you received from ICICI Prudential Life Insurance is considered as your income. The amount that will be included in your income for tax purposes is the total amount before the GST deduction.

So, if they have credited an amount to your account after deducting 18% GST, you need to calculate the original amount before GST was deducted. This can be done by dividing the credited amount by 0.82 (as 18% GST implies that 82% of the original amount is what you received).

For example, if you received Rs. 10,000 in your account after GST deduction, the original amount before GST deduction would be Rs. 10,000 / 0.82 = Rs. 12,195.12 approximately. This is the amount that will be considered as your income.

Please note that there is also a TDS (Tax Deducted at Source) of 5% applicable on insurance commissions as per ICICI Prudential's TDS Rate Chart. This TDS will be deducted by the company before crediting the commission to your account.

I hope this clarifies your query. However, tax laws can be complex and it's always a good idea to consult with a tax advisor or chartered accountant for personalized advice.