19 June 2014
what is there to calculate...the commission earned itself is the income...
for expenses, refer Instruction No. 1546, dated 6-1-1984, where adhoc commission doesn't exceed Rs 20,000/-
(i) where separate figures of first year and renewal commission are available, 50 per cent of first year commission and 15 per cent of the renewal commission;
(ii) where separate figures as above are not available 331/3 per cent of the gross commission.
Where income exceeds Rs 20,000/- you need to follow normal section 28-44 rules and regulations.
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