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Directors LIC premium

Stat Audit 325 views 3 replies

CA Rapunzel

Chartered accountant

172 Points Posted on 20 June 2023

Company paying directors life insurance premium. Is this business expenditure? Allowable as expense?

Replies (3)

RAJA P M

"Do the Right Thing...!!!"

128147 Points Posted on 20 June 2023

No, It's individual expense.

prasad Nilugal

GST Practitioner & Accounts

15085 Points Posted on 20 June 2023

In addition to above , I would like to suggest, please refer Case law of ITAT ( Income tax Appellate Tribunal) Pune bench ruling in the Case of Gadgil Holding Pvt LTD , In this Case disallowed by ITAT .

CA Rapunzel

Chartered accountant

172 Points Posted on 21 June 2023

Thank you so much for prompt reply.

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