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INCOME OF insurance commission

This query is : Resolved 
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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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Venkateshwarlu Pulluri

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Venkateshwarlu Pulluri (Querist)
15 June 2022 thank you sir, in case of first year commission can we claim 50% of deduction
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 June 2022 No such deduction allowed.
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