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ayusmita

ayusmita (Tax consultant) (5885 Points)
Replied 13 December 2020

If you have your segregated figure means renewal commission bonus commissionn or Frist year commissionn etc etc then the deduction is allowed as per the respective%of those less 60000 not directly 33.33% 

 



rama krishnan

rama krishnan (12234 Points)
Replied 13 December 2020

If the commission earned is less than Rs 60,000, the deduction on the first year’s commission is 50% of the commission. In case of renewal commission, the deduction available is 15%. However, the maximum deduction allowed shall be limited to Rs 20,000.In case, the separate figures are not available then 33 ⅓ % of the gross commission will be allowed as deduction.
1 Like

ayusmita

ayusmita (Tax consultant) (5885 Points)
Replied 13 December 2020

Sorry to forget to say maximum deduction allowed to 20000 which is said by ram krishna sir


Sujata Dube

Sujata Dube (Student) (76 Points)
Replied 14 December 2020

Thank you so much all of you sir for guidance


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