Insurance premium paid by Partnership Company


This query is : Resolved 

Quick Summary
This discussion clarifies whether life insurance premiums paid by a partnership firm for its partners can be claimed as business expenses under Section 37(1) of the Income Tax Act. The consensus is that such premiums are not eligible for tax deduction.

25 March 2022 HI

Please clarify Insurance premium [Life Insurance] paid by Company [Partnership Firm ] for Partners is eligible to take expenses u/s 37(1)

26 March 2022 No, such expenses not allowed.

26 March 2022 Thanks for your Advise Sir

26 March 2022 You are welcome...........


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