08 December 2011
sir I am lic insurance agent .this f.y. I receive my commission 14 lacs .I file my I.T.return details are follows : commission received : 1400000.00 expenses : 1200000.00 net income : 200000.00 expense 1200000.00 are allowed incometax act accounts maintain are liable please give me answer.
09 December 2011
The admissibility of expenses will be allowed by the AO as per the provisions of the income tax act and not on ad hoc basis. Circular No.648, 1993.
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