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Discussion > Income Tax > Others > key man insurance

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sudarshan shetty
Chartered Accountant
[ Scorecard : 42]

Posted On 29 December 2007 at 15:32

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Whether keyman insurance premium paid of a Partner to whom no salary is paid during the current year allowable under Income Tax as an expense?

Late CA Sampat Jain
Chartered Accountant
[ Scorecard : 4631]

Posted On 30 December 2007 at 10:56

check out :: http://icai.org/icairoot/publications/complimentary/KeymanInsurance.pdf

Ashish Mitra (Guest)

Posted On 30 December 2007 at 23:43

The situation is different in case of working and non-working partner. In case of non-working partner, no amount paid to him shall be deductible within the meaning of SEc.40(b)(i). In case of working partner, the amt. shall be deductible if such is provided in the partnership deed.[SEc.40(b) ]

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