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Keyman insurance

This query is : Resolved 
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(Querist)
09 February 2014 We have keyman insurance and its maturity date is 28th march, can we book in April on receipt basis, what is the tax impact
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 February 2014 The amount received is taxable vide clause (b) of Section 10(10D) as Income in the year of receipt.
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The date of receipt may be taken as the date of cheque or the date when the amount is transferred directly through NEFT/RTGS.
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