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Adhoc deduction circular : no. 648, dated 30-3-1993

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(Querist)
07 January 2012 As per Circular : No. 648, dated 30-3-1993 adhoc deduction is allowed on commission income of agents of LIC of India

1. Is the above benefit available to agents of Private Insurance companies as well?

2. Is the above benefit available to agents of General Insurance companies as well?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
07 January 2012 No such circular has come to my notice. However 648 is applicable where commission income is below 60000.
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You may think about applying Section 44AD, which is more liberal and beneficial.
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anurag

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anurag (Expert)
07 January 2012 648 does not have much practical utility.
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