CBDT Instruction on Income from other sources – deductions commission earned by agents on deposits under post office time deposits – 40 per cent of gross receipts to be allowed as deduction under clause (iii) & section 57

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SECTION 57 OF THE INCOME – TAX ACT, 1961 – INCOME FROM OTHER SOURCES – DEDUCTIONS COMMISSION EARNED BY AGENTS ON DEPOSITS UNDER POST OFFICE TIME DEPOSITS – 40 PER CENT OF GROSS RECEIPTS TO BE ALLOWED AS DEDUCTION UNDER CLAUSE (iii) & SECTION 57 INSTRUCTION NO. 460 (EXTRACTS) [F. NO. 168/3/72-IT (A-I)], DATED 4-10-1972 The…

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