lic premium for director
This query is : Resolved
17 August 2013
A private limited company pays Rs.16 lacs as Life Insurance premium for one of its directors.The premium policy is not a keyman insurance policy.What are the relevant provision to be kept in mind and whether the expense is allowed or not in companies Act & IT Act?????Thank You
17 August 2013
It is a personal expense and is NOT allowed as deduction.
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