LIC AGENT INCOME
This query is : Resolved
06 February 2009
SIR/MADAM
MR. X LIC AGENT EARNS COMMISSION INCOME OF RS 40000/- IN THE F.Y 2007-2008 . AND IN F.Y 2008-2009 HE EARNS RS 50000/-. NO DETAILS OF EXPENDITURE INCURRED IS MAINTATINED CAN HE CLAIM ADHOC EXPENDITURE ?? OR I HAVE READ THAT HE CAN CLAIM 50% OF THE INCOME IF INCOME IS WITHIN 75000/-RS??. CAN U PLZ EXPLAIN IN DETAIL THE AMOUNT OF TAXABLE INCOME OUT OF SUCH INCOME IN BOTH THE YEARS SEPERATELY??
MR. X LIC AGENT EARNS COMMISSION INCOME OF RS 40000/- IN THE F.Y 2007-2008 . AND IN F.Y 2008-2009 HE EARNS RS 50000/-. NO DETAILS OF EXPENDITURE INCURRED IS MAINTATINED CAN HE CLAIM ADHOC EXPENDITURE ?? OR I HAVE READ THAT HE CAN CLAIM 50% OF THE INCOME IF INCOME IS WITHIN 75000/-RS??. CAN U PLZ EXPLAIN IN DETAIL THE AMOUNT OF TAXABLE INCOME OUT OF SUCH INCOME IN BOTH THE YEARS SEPERATELY??
06 February 2009
If his income is below 75 thousand then the section relating to adhoc expenditure claim is allowed. If it exceeds 75thousand he cannot claim benefit under this section and he has to maintain proper books of accounts.
07 February 2009
Vide circular No 648 dt 30/03/1993 ;201 ITR (ST)4 the income limit is less than Rs. 60000/- and not Rs. 75000/- . Request Mr. Sirivasulu to kindly clarify.
07 February 2009
Yes.
It's 60000/- not 75000/-
It's 60000/- not 75000/-
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
