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Professional tax order deals a blow to LIC agents

Created by : Nikhil , Senior Manager, Insurance  | 03 31 2010 16:41:44 +0000
Industry : InsuranceFunctional Area : India(Markets)
Keywords : professional tax lic agents
Activity:  771 views;  last activity : 07 06 2010 20:18:09 +0000

Lakhs of Life Insurance Corporation (LIC) agents have received a shocker in the form of notice from the Maharashtra government, stating that they must pay professional tax, retrospective from the day they received their agent licence number.

Most of these LIC agents, who are housewives, teachers, and work part-time as agents are now in a quandary as the government has asked them to cough up the “pending tax’’, even if they decide to cancel their licence.
The notice from the state sales tax department also stated that every agent pay the maximum annual professional tax of Rs 2,500, for each year since they took up the LIC agent licence. What’s worse is that the state has also imposed a penalty of Rs 5 a day on all these agents for not paying the tax for so many years. Ironically, the LIC never asked its agents to pay such a tax; and no other state in the country requires them to pay professional tax.

 
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Tax is justified Vs Not Jsutified
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While some LIC agents—say about 10%— are doing exceedingly well, most others merely eke out an existence. Some of them don’t even earn Rs 2,500 a year as agents

Tax authorities have launched an amnesty scheme for those who pay their dues before March 31- pay professional tax and the said penalty for merely the last five years. But those who pay after March 31 will have to pay tax from the date they became LIC agents

How can rs 2500 be asked for a agent who started career in 1970 and before at that tiem salary were mere 300-500 Rs how can they ask for a tax of Rs 2500

What about agents who do nto sell any insurance at all?

What about agenst who have died?
By Nikhil , Senior Manager, Insurance  | 03 31 2010 16:41:44 +0000
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