Income from Insurance Commission
This query is : Resolved
CA KIRAN KUMAR
(Querist)
19 February 2011
WHAT PERCENTAGE OF EXPENSES WILL BE ALLOWABLE IN INCOME FROM INSURANCE COMMISSION, IF NO BOOKS ARE MAINTAINED BY THE TAX PAYER.
Guest
Guest
(Expert)
20 February 2011
What is the quantum of commission.
Dhirajlal Rambhia
(Expert)
10 October 2021
For commission income to be declared under head PGBP, books of accounts are required to be maintained. If it is not main source of income for the assessee, you may declare it under IFOS, with about 90% profit margin.
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