income from insurance commission
This query is : Resolved
13 July 2010
sir ,ok so we can claim 15%of net income on total commission received and claim refund from tds deducted (for income exceeding 60000)
Aditya Maheshwari
(Expert)
13 July 2010
If commission income exceeds Rs. 60,000 then proper books of accounts needs to be maintained and profit & loss should be made though the expenses can be equal to 15% of income and claim refund. However u need to specify expense name like conveyance, general exp, etc.
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