Allowable expenses
This query is : Resolved
07 September 2015
Sir,
The premium paid by the Company for insuring life of it's Managing Director is allowable expenditure or not?
The policy is not under the scheme of Key man insurance Policy.The name of the policy is LIC's Amulya Jeevan - 2.
At present the beneficiary of the policy/nominee is his wife.He is ready to assign the benefit of the policy to the name of the Company. One more thing is that, on the brochure of that insurance scheme, it is noted that " it is a protection plan which provides financial protection to the insured's family in case his/her unfortunate demise".
The premium paid by the Company for insuring life of it's Managing Director is allowable expenditure or not?
The policy is not under the scheme of Key man insurance Policy.The name of the policy is LIC's Amulya Jeevan - 2.
At present the beneficiary of the policy/nominee is his wife.He is ready to assign the benefit of the policy to the name of the Company. One more thing is that, on the brochure of that insurance scheme, it is noted that " it is a protection plan which provides financial protection to the insured's family in case his/her unfortunate demise".
07 September 2015
It is financial protection to the insured's family, not an allowable expenditure.
07 September 2015
Sir,
Is it allow, if the benefit became assign to the Company
Is it allow, if the benefit became assign to the Company
08 September 2015
No, only Key man insurance premium only allowed expenditure.
08 September 2015
Thank you sir,
Is it treat as remuneration under section 197 of Companies Act, 2014?
Is it treat as remuneration under section 197 of Companies Act, 2014?
08 September 2015
Thank you Sir,
Is the premium paid to be added to the remuneration of the directors as per Companies Act, 2013?
Is the premium paid to be added to the remuneration of the directors as per Companies Act, 2013?
08 September 2015
Yes it is to be added.......
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