Section 10(10d)
This query is : Resolved
N SAI SRINIVAS
(Querist)
28 September 2015
A company XYZ Ltd., takes keyman insurance policy on its managing director. It pays premium for 5 years and shows in its accounts as under the head Advances and Deposits. The policy was not assigned to him. The amount was kept in the same account for another 5 years. In the 10th year the amount was withdrawn and policy amount with bonus was received. Whether the surplus amount received is taxable or exempt under IT Act?
Amol S Joglekar
(Expert)
28 September 2015
It is taxable under income tax act, as said in section 10(10D)
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