Key man insurance policy claim amount is taxble? or not?
This query is : Resolved
01 March 2018
Dear Guru's
Kindly advise me for Kay man insurance claim amount. Our company paid Key man insurance policy and now claim received. premium paid by company name and claim also received company name. We claimed premium amount as expencess. Now claim amount is taxble or not? how to show claim amount.
Regards
M.RamKumar
Kindly advise me for Kay man insurance claim amount. Our company paid Key man insurance policy and now claim received. premium paid by company name and claim also received company name. We claimed premium amount as expencess. Now claim amount is taxble or not? how to show claim amount.
Regards
M.RamKumar
01 March 2018
Taxable as business income
01 March 2018
keyman insurance for its employee can claim a deduction for the premium paid for the policy as a business expense under Section 37(1) of the Income Tax Act.
Business can claim expenses for insurance premium paid as allowable expens.
Business can claim expenses for insurance premium paid as allowable expens.
03 March 2018
Dear Sir,
Thanks for replies.. Kindly tell me bonus received for keyman insurance policy also taxable or not. Premium paid by company bank a/c and claim received in company bank a/c.
Thanks for replies.. Kindly tell me bonus received for keyman insurance policy also taxable or not. Premium paid by company bank a/c and claim received in company bank a/c.
03 March 2018
Yes, Taxable as business income
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