Deduction of expenses on commission payable to agents of mutual funds

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....ndum dated 15th May, 1991), has granted, subject 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 rece....

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....nbsp; 594, dated 27th February, 1991 (see [1991] 188 ITR (St.) 105), and corrigendum dated 15th May, 1991, as well as total commission from the Life Insurance Corporation as specified in Board's Circular No. 648 (F. No. 168/13/93-ITA-I, dated 30th March, 1993) (see [1993] 201 ITR (St.) 4). 4. The benefit of ad hoc deduction will not be available to agents who have earned gross commission as com....