TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Insurance Agents Can Claim Ad Hoc Deductions on Commissions; Rules for Under Rs. 60,000 Outlined in Circular.</h1> The circular issued by the Board outlines the allowance of ad hoc deductions for expenses incurred by insurance agents of the Life Insurance Corporation with total commissions under Rs. 60,000 annually. Agents not maintaining detailed expense accounts can claim deductions as follows: 50% of the first-year commission and 15% of the renewal commission if figures are available, or 33% of the gross commission if not. The deduction is capped at Rs. 20,000. Bonus commissions are fully taxable with no deductions. Agents earning over Rs. 60,000 will have their expenses assessed by tax officials. This applies from the assessment year 1993-94 onward.
TaxTMI 
TaxTMI 
