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of <h1>New Circular Allows 50% Deduction on Mutual Fund Agent Commissions u/s 10(23D) for Earnings Below Rs. 60,000 Annually.</h1> The circular addresses the deduction of expenses on commissions payable to mutual fund agents. It extends the benefit of an ad hoc deduction of 50% of gross commission receipts to agents of mutual funds notified by the Central Government under section 10(23D) of the Income-tax Act, 1961. This deduction is applicable only to agents who do not maintain detailed accounts and have a gross commission of less than Rs. 60,000 annually, including commissions from the Unit Trust of India, specified securities, and the Life Insurance Corporation. Agents earning above this threshold will have their claims assessed by the Assessing Officers.
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