10 September 2010
Can the premium paid for term insurance plan be deducted as business expense? My business income comes from two-three business of which one is futures stock trading. Thanks in advance.
10 September 2010
Can you please clarify what you mean by Term Insurance? Few e.g. In case of Medical Insurance premium and insurance towards pension plan or life insurance the deduction will be from the taxable income u/s 80D and 80ccc. In case the premium is paid towards Car insurance where the car is used for business purpose,the deduction can be from Business income.
CAclubindia
