KEY MAN INSURANCE POLICY FOR DIRECTORS

DHRUV (student) (126 Points)

24 June 2023  

IF A COMPANY TAKES KEY MAN INSURANCE POLICY FOR ITS DIRECTORS, THEN:

1. CAN COMPANY CLAIM PREMIUM PAID AS EXP IN P/L AC

2. WILL DIRECTOR NEEDS TO SHOW PREMIUM AS INCOME UNDER "SALARY"

3. ARE MATURITY PROCEEDS TAXABLE?