Life insurance of director
This query is : Resolved
28 November 2017
Dear Experts
We are planning to take Life Insurance Policy for our Directors from HDFC Standard Life Insurance Company in ,Pvt Ltd Company A/c and HDFC person informed that we can claim the insurance premium paid as Deduction U/S. 37 (1) as Business Expenses .
The Name of the Policy is Employer and Employee Insurance Scheme . Please confirm us whether the premium paid is allowed as Business Expenses u/s 37 (1) to Company or it is disallowed.
also in Director Ind A/c how to treat ?????
We are planning to take Life Insurance Policy for our Directors from HDFC Standard Life Insurance Company in ,Pvt Ltd Company A/c and HDFC person informed that we can claim the insurance premium paid as Deduction U/S. 37 (1) as Business Expenses .
The Name of the Policy is Employer and Employee Insurance Scheme . Please confirm us whether the premium paid is allowed as Business Expenses u/s 37 (1) to Company or it is disallowed.
also in Director Ind A/c how to treat ?????
28 November 2017
1. No treatment in Director's Account
2. Treatment in Company's Account
- Company can claim it as business expenditure undoubtedly U/s 37(1)
- Mind well, maturity of Key Man Insurance Policy is an income of Company under Business Head.
2. Treatment in Company's Account
- Company can claim it as business expenditure undoubtedly U/s 37(1)
- Mind well, maturity of Key Man Insurance Policy is an income of Company under Business Head.
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