20 September 2008
as per board circulrs 594 15 may 1991, 648 30 march 1993 and 677 28 jan 1994 the expenses deductible from the commission earned by lic agents UTI agents and Post Office Govt securities agents and agents of notified mutual funds:-
for LIC agents adhoc ded max ded.
1st year comm 50% renewal comm 15% Rs.20000 where separate figure are not avaialble 33.3333%
Bonus Comm no ded Zero
so in u r case if it is first year comm
deduction is RS. 3000 if renewal Rs. 900 if no separate fig Rs. 2000
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