COMMISSION INCOME TAXABILITY

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This query is : Resolved

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This discussion explores whether commission income from SBI Life Insurance can have 25% claimed as expenses without providing bills or vouchers. It clarifies that a flat 25% deduction isn't permissible without maintaining accounts. Instead, reasonable expenses for travel, vehicle insurance, repairs, and depreciation can be claimed, even if income exceeds 20 lakhs, provided some evidence or justification is presented.

suja pirama

suja pirama (Querist)

22 June 2021 SIR,
if a person earns commission income from sbi life insurance can 25% of his income be claimed as expenses, without any bills and voucher.If no how much % can be claimed.His income is more than 20 lakhs.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

23 June 2021 Claim traveling expenses like petrol, insurance, repair and depreciation on the vehicle.

suja pirama

suja pirama (Querist)

23 June 2021 thank u very much for your response sir. i want to know whether we can claim flat 25% of income as expenses if no book of accounts are maintained.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

23 June 2021 That's not allowed show some reasonable expenses.

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