Salary and insurance commission

 ITR 4

Ms.Revathi

and

CA Devanshi  Gandhi

If the Commission paid by an Insurance company to an agent exceeds Rs.60,000/- that agent is not eligible to claim adhoc deduction as provided in the CBDT Circular published in 201 ITR.  In such a case the Agent has to maintain books of account and has to keep relavant records, vourchers other supporting doucments for the expenditure claimed to be incurred by him.  In the absence of books of account and supporting doucments for the expenditure an agent whose commission exceeded Rs.60,000/- cannot claim any deduction from his gross commission.

Best Wishes

Sathikonda

ok

ITR  - 4 is applicable for the user who having both salary and commission ;)