Keyman Insurance Premium
This query is : Resolved
Sumit Agrawal
(Querist)
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
CA. B.SRINIVASULU
(Expert)
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.
CA Nitin Wadhwani
(Expert)
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Visiting card purchase
- Additional trade name
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
