income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2009
can a insurance agent show his commission income as business income in his return
Murtaza I Bhagat
(Expert)
28 December 2009
Yes you can
28 December 2009
If income is from Life Insurance which is less than Rs.60,000/- then the following option is available to treat the expenses as deductible :
First year commission : 50%
Second year onward : 15%
If no separate details about year's commission is available then 33.33%
Maximum deduction will be Rs.20,000/- as per above provisions
(Circular No. 648, dt. 30 03 1993)
First year commission : 50%
Second year onward : 15%
If no separate details about year's commission is available then 33.33%
Maximum deduction will be Rs.20,000/- as per above provisions
(Circular No. 648, dt. 30 03 1993)
CA Ravi Sisodia
(Expert)
28 December 2009
yes
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