05 April 2009
The scheme says that the premimum paid by the Company for the Life Insurance cover on the life of their Employee will be exempt from tax u/s 37(1) and the maturity proceeds will also be tax free in the hands of the Employee U/s 10(10)D.
Please be kind enough to enlighten me weather the above sections are correct or not.
06 April 2009
u/s 37(1) payment made for insurance premium is allowed as a expenditue but in other side u/10(10)D insurance proceed receied by the policy holder is exampt from whole tax if certanin condition are being satisfied. Thank you
CAclubindia
