https://www.taxtmi.com/circulars?id=5064 Ad hoc deduction for LIC agents not maintaining detailed accounts is allowed where total commission is below the eligibility threshold: if first year and renewal commission figures are available, 50% of first year commission and 15% of renewal commission; if not, 33% of gross commission, subject in both cases to a ceiling. Gross commission excludes bonus commission, which is fully taxable and not eligible for deduction. Agents above the threshold are ineligible and their expenses are to be examined by the assessing officer. Applies from the stated assessment year onward. en-us Tue, 30 Mar 1993 00:00:00 +0530 Sat, 09 Aug 2008 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5064 Ad hoc deduction for LIC agents not maintaining detailed accounts is allowed where total commission is below the eligibility threshold: if first year and renewal commission figures are available, 50% of first year commission and 15% of renewal commission; if not, 33% of gross commission, subject in both cases to a ceiling. Gross commission excludes bonus commission, which is fully taxable and not eligible for deduction. Agents above the threshold are ineligible and their expenses are to be examined by the assessing officer. Applies from the stated assessment year onward. Circulars Income Tax Tue, 30 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5064