Net profit for commission agent
This query is : Resolved
VINAY SACHDEVA
(Querist)
29 July 2012
A LIC agent having commission of Rs. 570755/- and Income U/S 44 AD of Rs. 33050/- (8% on Rs. 413088). How much expenses he can shows to saving his maximum TDS.
Or
Can he shows 65% expenses from his Commision Income using Balance Sheet and Income Expenditure Account in his ITR 4.
Plz. reply soon.
Vinay Sachdeva
Or
Can he shows 65% expenses from his Commision Income using Balance Sheet and Income Expenditure Account in his ITR 4.
Plz. reply soon.
Vinay Sachdeva
Amol S Joglekar
(Expert)
29 July 2012
The old circular of CBDT for LIC commission says 50% for First year commission and 20% for renewal commission. Keeping this in mind, your claim should be well substantiated by vouchers before claiming the expenses.
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