Keyman insurance
This query is : Resolved
09 February 2014
We have keyman insurance and its maturity date is 28th march, can we book in April on receipt basis, what is the tax impact
CA PARAS BAFNA
(Expert)
09 February 2014
The amount received is taxable vide clause (b) of Section 10(10D) as Income in the year of receipt.
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The date of receipt may be taken as the date of cheque or the date when the amount is transferred directly through NEFT/RTGS.
.
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The date of receipt may be taken as the date of cheque or the date when the amount is transferred directly through NEFT/RTGS.
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