B V Ravi Chandra (Student CA Final ) (36 Points)
28 July 2015
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 28 July 2015
Adhoc deduction is available for insurance commission agents earning commission upto Rs. 60000 per annum. Above that they are supposed to maintain books of accounts if receipts exceed 120000/- or income is above taxable limit. You can keep proper account of expenses like travelling, conveyance, telephone expenses, entertainment and cleint relationship expenses etc., which are incurred as part of the insurance canvassing activity. Depreciation of vehicles, computers etc can also be claimed if these are used for the activity
B V Ravi Chandra
(Student CA Final )
(36 Points)
Replied 28 July 2015
I know that adhoc deduction is available, my question is whether is it available to agents of private companies other then LIC??
CA Chandra Prakash
(9873059766 Increasing knowledge through sharing)
(296 Points)
Replied 28 July 2015
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 28 July 2015
IT act does not discriminate between LIC and other private insurance companies in this regard
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 28 July 2015
If the aggregate commission does not exceed Rs.60000, ad hoc deduction can be claimed as follows:
LIC agents
UTI/PO/Govt securities/notified mutual fund agents
50% of commission
B V Ravi Chandra
(Student CA Final )
(36 Points)
Replied 28 July 2015
CAclubindia
