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key man insurance
Whether keyman insurance premium paid of a Partner to whom no salary is paid during the current year allowable under Income Tax as an expense?
Replies (2)
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https://icai.org/icairoot/publications/complimentary/KeymanInsurance.pdf
The situation is different in case of working and non-working partner.
In case of non-working partner, no amount paid to him shall be deductible within the meaning of SEc.40(b)(i).
In case of working partner, the amt. shall be deductible if such is provided in the partnership deed.[SEc.40(b) ]
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