Deduction of expenses on commission payable to agents of mutual funds

Deduction of expenses on commission payable to agents of mutual funds https://www.taxtmi.com/circulars?id=5093 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. en-us Fri, 28 Jan 1994 00:00:00 +0530 Sat, 09 Aug 2008 13:30:00 +0530 TaxTMI RSS Generator Deduction of expenses on commission payable to agents of mutual funds https://www.taxtmi.com/circulars?id=5093 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. Circulars Income Tax Fri, 28 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5093