Deduction u/s 57 of the Income.Tax. Act, 1961. - Income Tax - 460/CBDT

INSTRUCTION NO. 460/CBDT Dated: October 10, 1972 Section(s) Referred: 57 Statute: Income - Tax Act, 1961 Attention is invited to the Board's Circular No. 25(LXVII-8)D of 1955 dated the 27th June, 1955, wherein it was decided that 40 per cent of the gross receipts from commission earned for sale of National Savings certificates by the agents appointed under General Agency System, should be normally allowed as deduction u/s 12(2) (now section 57 of the I.T. Act, 1961) of the Act in assessing such commission. 2. The Board have decided that 40 per cent of the gross receipts from the commission earned by the authorised agents on the deposits secured by them for the post office time deposits should also be allowed as a deduction u/s 57 of the I.T. Act, 1961 while assessing such commission.