Keyman Insurance Premium
This query is : Resolved
27 April 2009
Is payable premium as on 31.03.2009 on Keyman Insurance policy which was paid on 22.04.2009 is eligible for deduction u/s 36 or 37 of Income Tax Act, 1961.
Or
Insurance premium actually paid in the Financial Year 2008-2009 is allowable expenditure under Income Tax Act, 1961
Or
Insurance premium actually paid in the Financial Year 2008-2009 is allowable expenditure under Income Tax Act, 1961
27 April 2009
Insurance premium actually paid will be treated as expenditure during the year in which it is paid. Therefore you can claim expenditure in 2009-10 only.
28 April 2009
It will be allowable in 08-09 on accrual basis if the person is maintaining books on accrual basis since keyman insurance premium is not covered by Sec.43(B).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
