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December 13, 2013

TAXATION OF COMMISSION AGENTS

QUESTION:

From Anurag Singh

 Dear Sir,
In Financial Year 2012-13 I have earned Rs. 288970 from Sahara India being as an agent/ associate, in which 28897 was deducted as TDS. I have not filled ITR till now .
In the above income I have spended more than a Lakh on petroling, travelling, mobile, etc. How much maximum I can show in expenses so that I may get my full TDS refund.

ANSWER:

Hi Anurag Singh,
There is no maximum limit for claiming expenditure. You can claim as much expenditure as incurred on earning the above mentioned income and which is incurred in the same year. But just follow the provision of act as it disallows certain expenditure.

Since the exemption limit is Rs. 2 lakh for you and your income after taking your 1 lakh expense comes to less than Rs. 2 lakhs, you will get full refund.

Hope this will help you. Feel free to ask further query.

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