Query
This query is : Resolved
ADVOCATE NUSRAT
(Querist)
28 January 2016
can a partner can claim his personal lic premium or personal house insurance premium as expence of firm under indirect expence
28 January 2016
Section 37 of the Income Tax Act deals with general expenses, which says expenses of personal nature cannot be deducted.
If it is a key-man insurance policy, the premium at the time of payment can be deducted and on receipt either at the time of maturity or at the time of claim, the amount received is taxable u/s 28 of the Act.
If it is a key-man insurance policy, the premium at the time of payment can be deducted and on receipt either at the time of maturity or at the time of claim, the amount received is taxable u/s 28 of the Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- GST on reimbursement of expenses
- Query on effect of registration of property
- Missed uploading GST Invoice
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
