Managing agency commission: contractual sharing requires declaration and each party taxed only on their agreed share. Where a managing agent is contractually liable to share managing agency commission with third parties, the managing agent and each such party must file a ... Summary
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Managing agency commission: contractual sharing requires declaration and each party taxed only on their agreed share.
Where a managing agent is contractually liable to share managing agency commission with third parties, the managing agent and each such party must file a declaration showing the proportions of commission shared; on satisfactory proof of those facts to the Income-tax Officer, each person is chargeable only on the share to which they are entitled under the agreement.
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