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Business Income

Postal & Insurance Agents :What Deductions Allowed ?

The persons who are insurance agent or postal agents who receives commission for selling various kinds of investments and insurance products of  insurance companies and postal department. One reader Vasantha , Trichy  has asked  “I am a mutual fund broker, LIC agent & Postal agent. I am getting income by way of commission for my agentship. Please guide...

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Section 73: Nature of Activity Important For Deciding Principal Busienss !

The assessee-company , engaged in the business of financing by way of granting loans and advances and earning interest therefrom and also dealing in stock and shares , filed a return declaring a total loss after adjusting the business income of interest from loans and advances. In view of the provisions of Explanation to section...

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