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LIC AGENT INCOME

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(Querist)
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??
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
07 February 2009 Yes.
It's 60000/- not 75000/-
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