lic
This query is : Resolved
03 February 2011
my lic commission detai is as below
F.P COMM RS 44314
F.Y REN COMMISSION RS 20977
RENEWAL COMM 2702
BONUS COMM 20600
OTHER COMM 1100
TOTAL 89693.
TELL ME HOW TO TAKE DEDUCTION U/S 16 IN DETAIL 15% OR 50%
F.P COMM RS 44314
F.Y REN COMMISSION RS 20977
RENEWAL COMM 2702
BONUS COMM 20600
OTHER COMM 1100
TOTAL 89693.
TELL ME HOW TO TAKE DEDUCTION U/S 16 IN DETAIL 15% OR 50%
CA PARAS BAFNA
(Expert)
05 February 2011
Your commission income exceeds Rs 60000/ so
you can not claim ad-hoc deduction of 50% and 15%.
*
You may claim certain expenses like Vehicle Expenses , Telephone Expenses, Depreciation on Vehicle if it is purchased in your name,
*
If you are not having any other income than do not claim expenses at higher side as the income is not going to be taxable.
you can not claim ad-hoc deduction of 50% and 15%.
*
You may claim certain expenses like Vehicle Expenses , Telephone Expenses, Depreciation on Vehicle if it is purchased in your name,
*
If you are not having any other income than do not claim expenses at higher side as the income is not going to be taxable.
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