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income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 December 2009 can a insurance agent show his commission income as business income in his return
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RD Verma

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RD Verma (Expert)
28 December 2009 yes
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
28 December 2009 Yes you can
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
28 December 2009 If income is from Life Insurance which is less than Rs.60,000/- then the following option is available to treat the expenses as deductible :

First year commission : 50%
Second year onward : 15%

If no separate details about year's commission is available then 33.33%

Maximum deduction will be Rs.20,000/- as per above provisions

(Circular No. 648, dt. 30 03 1993)
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
28 December 2009 yes

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