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Lic premium paid allowed business expenses

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(Querist)
25 August 2020 A individual person lic premium paid to staff.
Question:
Premium paid amount eligible for business expenses in I.t. act.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
31 August 2020 No...it seems to not related to business expenses
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 December 2021 Keyman insurance policy contributes to the company’s tax planning - Premium allowed as business expense under section 37(1) of Income Tax Act, 1961, subject to satisfaction of the assessing officer.
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