Directors LIC premium

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Chartered accountant
172 Points Posted on 20 June 2023

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

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On 20 June 2023 at 16:21 Report
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Quick Summary
This discussion explores whether a company paying life insurance premiums for its directors constitutes a business expense. The consensus suggests it is generally considered an individual expense, not allowable for tax deduction. A specific case law from the ITAT Pune bench regarding Gadgil Holding Pvt LTD is referenced as an example where such expenses were disallowed.

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"Do the Right Thing...!!!"
128157 Points Posted on 20 June 2023
No, It's individual expense.
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On 20 June 2023 at 18:42
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GST Practitioner & Accounts
15150 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 .
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On 20 June 2023 at 20:25
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Chartered accountant
172 Points Posted on 21 June 2023

Thank you so much for prompt reply.

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On 21 June 2023 at 07:00

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