commission received as insurance and mutual fund agent

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Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2010 Are there any provisions to offset commissions received as insurance and mutual fund agent? If not, then what kind of expenses can be claimed so as to reduce tax liability.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 August 2010 Pl see https://www.caclubindia.com/experts/lic-commission-agent-444470.asp

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2010 Thank you so much Sir. The information is really very useful. Sir, I still have two questions: 1. Is this circular applicable to private insurance companies also. 2. What if the income is more that Rs.60,000/-

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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03 August 2010 1. The circular specifically mentions 'insurance agents of LIC'. In my opinion, the circular is not applicable to agents of private insurance companies.

2. If the income is more than Rs. 60,000/- the agent has to maintain proper books of accounts to claim any deduction and also provide supporting documents to substantiate the claim. In the absence of books & supportings, allowability of any claim of deduction is left to the sole discretion of the Assessing officer.

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 Thank you Sir.

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