Ins_commission

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Ajay (Querist)
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26 July 2008 Dear Sir,
A persson earned ins commission.
whether he shoul pay tax on whole ammount earned as per TDS certificate or He can claim some expenses towards that income
If yes the what should b percentage because he is not maintaing books of account

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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26 July 2008 No, he can claim expenses on adhoc 33 1/3% as per Circular No 648 dated 30.03.93. In case, the figure of commission for new and renewed policies are available separately in that case the claim of expenses can be made at separate percentages given in the said circulr. However, the cicular is applicable in case commission does not exceed 60000/-.