Ad-hoc deduction for authorised agents increased and extended to listed securities where no accounts are maintained. The Board directs that an ad hoc deduction at the rate of 50 per cent of gross commission receipts for expenses be extended to authorised agents of Unit Trust of India and agents selling National Savings Certificates (II, VI and VII Issues), Social Security Certificates and Post Office Time Deposits. The deduction is available only where gross commission earned is less than Rs. 60,000 and no detailed accounts are maintained.
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 for authorised agents increased and extended to listed securities where no accounts are maintained.
The Board directs that an ad hoc deduction at the rate of 50 per cent of gross commission receipts for expenses be extended to authorised agents of Unit Trust of India and agents selling National Savings Certificates (II, VI and VII Issues), Social Security Certificates and Post Office Time Deposits. The deduction is available only where gross commission earned is less than Rs. 60,000 and no detailed accounts are maintained.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
