Company paying directors life insurance premium. Is this business expenditure? Allowable as expense?
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 June 2023
No, It's individual expense.
prasad Nilugal
( GST Practitioner & Accounts )
(14811 Points)
Replied 20 June 2023
In addition to above , I would like to suggest, please refer Case law of ITAT ( Income tax Appellate Tribunal) Pune bench ruling in the Case of Gadgil Holding Pvt LTD , In this Case disallowed by ITAT .
CA Rapunzel
(Chartered accountant)
(172 Points)
Replied 21 June 2023
Thank you so much for prompt reply.
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