Deduction of expenses on commission payable to agents of mutual funds

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Full Text of the Document

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....ct to conditions therein specified, benefit of ad hoc deduction for expenses at 50% of the gross receipts of commission, to the authorised agents of the Unit Trust of India and the agents of the securities specified in the circular. The benefit of ad hoc deduction is available only where no detailed accounts are maintained and the gross commission received by the agents is less than Rs. 60,000. 2....