INCOME OF insurance commission
This query is : Resolved
15 June 2022
Dear sir/s, can a person estimate income of his insurance commission Rs8,00,000/- by deducting 50% of income, he is having other profession income of Rs.6,00,000/- and bank interest also, can you guide me.
15 June 2022
Only actual expenses can be claimed with maintenance of books of accounts on insurance commission income.
50% deduction can be claimed on other professional income if it's eligible for 44ADA option.
50% deduction can be claimed on other professional income if it's eligible for 44ADA option.
15 June 2022
thank you sir, in case of first year commission can we claim 50% of deduction
15 June 2022
No such deduction allowed.
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