Adhoc deduction

(Guest)

What is adhoc deduction in respect of insurance commision received.

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PiyushAgrawal (Chartered acooutant in practice) (575 Points)
Replied 29 July 2009

The adhoc deduction is allowed if the comission is amount is not greater than 60000 Rs.

the assesse can get mam 50% adhoc deduction in case of agent other than LIC.

if the assesse is agent of LIC than he can get deduction- 50 % of first year & 15 % of renewal comission.

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(Guest)

thanks piyush

Anumanchipalli Sathikonda (Tax Consultant) (1559 Points)
Replied 29 July 2009

Mr.Born To Rule

There is a circular issued by CBDT in this regar. Please refer 201 ITR

Best Wishes

Sathikonda

CA. Vikas Sharma (Chartered Acountant) (93 Points)
Replied 18 August 2009

IF COMMISSION RECEIVED IS NOT MORE THAN Rs. 60,000 an ad hoc deduction is allowed

for first year commission - 50%

for renewal commission - 15%

for first and renewal commission - 33 and 1/3%

for bonus commission - nil

commission from uti - 50%

commission from specified securities - 50%

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