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INSURANCE COMMISSION

SAGAR (CA) (129 Points)

12 March 2010

HI, IF I RECEIVE INSURANCE COMMISSION OF LESS THAN RS.60000

ADHOC DEDUCTION IS APPLICABLE

BUT CAN I CLAIM MORE EXPENDITURE ALSO.

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4 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 12 March 2010

For income upto Rs 60,000 there is adhoc expenditure prescribed which almost covers the expenditure incurred. SO ideally no further expenditure needs to be claimed. If you claim more expenses then you will have to prepare a P & L a/c for all the expenses

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darshita (artilce student) (72 Points)
Replied 13 March 2010

hi sagar,

aditya sir is right.

darshi

Shudhanshu Agrawal (Business) (2570 Points)
Replied 13 March 2010

Can anyone provide me the details of this insurance commission liimit?? Where it is mention??From where i can read it??

Bimal Thacker (Proprietor) (762 Points)
Replied 13 March 2010

Refer circuler no. 594 dt. 15.05.1991, Circuler no. 648 dt. 30.03.1993 and Circuler no. 677 dt. 28.01.1994 in which Board have specified conditions for giving ad hoc deductions from commission earned by agent (Insurance, UTI, Post etc)