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
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