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of <h1>40% Deduction for Agents' Commission on Post Office Deposits Extended u/s 57 of Income Tax Act, 1961.</h1> The circular issued by the Board on October 10, 1972, addresses the deduction under Section 57 of the Income Tax Act, 1961. It refers to a previous decision from 1955, which allowed a 40% deduction on gross receipts from commissions earned by agents selling National Savings certificates. The current instruction extends this 40% deduction to commissions earned by authorized agents for securing deposits for post office time deposits. This deduction is applicable when assessing the commission income of these agents under the specified section of the Income Tax Act.
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