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
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)
28 December 2009
yes
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- Last year TDS Claim
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
