Agent commission income
This query is : Resolved
yashwantsingh mandloi
(Querist)
16 July 2013
respected sir,
i would like to know when agent commission income is under 60000 limit then he get deduction upto rs20000 but whenever his commission income goes to beyond limit rs60000 then upto what limit he will be get deduction and in which section.
please give me satisfactory answear soon.
i would like to know when agent commission income is under 60000 limit then he get deduction upto rs20000 but whenever his commission income goes to beyond limit rs60000 then upto what limit he will be get deduction and in which section.
please give me satisfactory answear soon.
16 July 2013
Circular 648 dated 30-03-1993 speaks about deduction that can be claimed by agents of life insurance etc if the commission income < Rs.60,000.
If such income exceeds Rs.60,000/- actual expenditure can be claimed and the admissibility of the expenditure will be decided by the Income tax officer as per the provisions of the Income tax Act,1961.
If such income exceeds Rs.60,000/- actual expenditure can be claimed and the admissibility of the expenditure will be decided by the Income tax officer as per the provisions of the Income tax Act,1961.
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