Deductibilty of premium on keyman insurance in p&l

Nishant (Accounts Assistant) (378 Points)

25 August 2011  

Dear Sirs,

                 Kindly let me know

1)    whether “Premium on Keyman Insurance Policy” paid by a Pvt. Ltd. Co. for its Director is deductible as business expense in P&L?

2)    whether “Rent  ” paid by a Pvt. Ltd. Co. for its Director's RESIDENCE is deductible as business expense in P&L?

 

Kindly reply at the earliest

 

Thank you