Ad hoc deduction extended to agents of notified mutual funds, subject to account maintenance and aggregate commission limits. The Board grants a 50% ad hoc deduction of gross commission to agents of notified mutual funds who do not maintain detailed expense accounts and whose total gross commission from specified sources falls below the aggregate threshold; commissions from UTI, specified securities and LIC are included in this aggregate. Agents exceeding the threshold are not eligible for the ad hoc allowance and must have their expenditure admissibility determined by Assessing Officers under the Income tax Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Ad hoc deduction extended to agents of notified mutual funds, subject to account maintenance and aggregate commission limits.
The Board grants a 50% ad hoc deduction of gross commission to agents of notified mutual funds who do not maintain detailed expense accounts and whose total gross commission from specified sources falls below the aggregate threshold; commissions from UTI, specified securities and LIC are included in this aggregate. Agents exceeding the threshold are not eligible for the ad hoc allowance and must have their expenditure admissibility determined by Assessing Officers under the Income tax Act.
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