Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income?
2 Replies
Abbas Jamesha
(Manager (Accounts))
(89 Points)
Replied 18 September 2008
| Originally posted by :Vijay Sarathi H | ||
| " | Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income? | " |
Keyman Insurance premium, whether the benefit of maturity goes to the firm or insured, is allowable expenditure. In case the beneficiary is firm, you should treat as income on maturity of policy.
Amod Wandrekar
(Chartered Accountant)
(22 Points)
Replied 04 December 2009
Can I get any Case laws on the same with respect of allowalibility of premium ???
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
