*Loan,banking and credit>>>income tax

Accounting Books : LIC agent : filing Income Tax Returns?

Being an LIC agent, I earn comission on my agency business,
However I have not kept a record of my expenses incurred while performing my agency business like printing and stationery, conveyance, telephone bills, etc.........
How should I show the above expenses while computing my net income ?
I procured business of Rs. 5500000/- for the LIC for which I have received Gross commission of Rs. 55,000/- during 2006-07.
Can I show the expenses on a presumptive basis, say 10% of 55,000/- since I don't have the actual day - to day record...
Else, what is any other method to show the expenses in my Net-Income computation?

Thanking you in anticipation for your guidance and help in this direction.

In case your gross earnings from LIC Commission are less than Rs. 60,000/- then you can claim adhoc deduction @ 15% of renewal commission and 50% of First Year Commission

In case you are not able to bifurcate then you can claim an adhoc 33% of Total Commission

If you exceed Rs. 60,000/- you have to provide actual details of expenses (Section 57 of the IT Act)

You can show all these expenses as deductions u/s 57 from Other sources in form ITR 2

Why don't you ask some of your peers that have kept records.
This way, you'll be right in concert of what is normal.

Otherwise, if you're feelling lucky take a stab at it.
At least the other way. If you're audited. You can use what is normal in the industry.
The best method is actual receipts. But if you get audited and a nice agent (HA) they will take your expense orally, if they are feeling good that day.

They have a set amount for these things, for people that don't keep records. They can even come in and reconstruct your entire Income Tax Return, if they want.

Some of the things that you mentioned, can be reproduce if push come to shove.......push(IRS) you (shove)
Tax preparer for 30 years.
If you are wanting to deduct legit expenses, you need the records. This is the middle of July, you have 5 1/2 months to start finding paid bills, calculate mileage, etc. Might as well start now because when you see your tax preparer this will be required to prepare a complete and accurate return. Also, have you been making quarterly estimates? Time to get busy!!!
Tax preparer since 1969.