Wednesday 18 September 2013

Incentive bonus received by an LIC employees is part of salary

IT : Where assessee, a Development Officer of LIC, received incentive bonus prior to 1-4-1989 and claimed deduction of 40 per cent of same stating that he had incurred expenditure to extent of 40 per cent of incentive bonus for canvassing business, assessee was entitled only for permissible deductions under section 16


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