Follow Us on Twitter




Discussion > Income Tax > Others > key man insurance   Post New Topic

Pages : 1


There are 2 Replies to this message



sudarshan shetty
Chartered Accountant
[ Scorecard : 42]
Posted On 29 December 2007 at 15:32 Report Abuse

Report Abuse / Feedback


Name
Email
Subject
Message

Verify Verify Code 
  

Note : The above form can be used to intimate the moderators regarding abuse of the platform.


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?

Share This


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) ]





Previous Thread Next Thread


Post your reply for key man insurance



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message