Section 10(10d)
This query is : Resolved
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 In the 10th year the amount was withdrawn and policy amount with bonus was received.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?
28 September 2015
It is taxable under income tax act, as said in section 10(10D)
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