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Allowable of expenses a deduction

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(Querist)
17 September 2012 company has taken a LIC policy for a single director of the company of Rs. 15 LAKHS.
Weather it is allowable expenses as to the company or not?
and if yes then what are the condition for such allowance
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
17 September 2012 The obligation of employee borne by the employer is perquisite in the hands of the director and he shall be liable for payment of tax on such income.
The employer shall get the deduction of such expense as part of the salary.
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