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).
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