IF A COMPANY TAKES KEY MAN INSURANCE POLICY FOR ITS DIRECTORS, THEN:
1. CAN COMPANY CLAIM PREMIUM PAID AS EXP IN P/L AC
2. WILL DIRECTOR NEEDS TO SHOW PREMIUM AS INCOME UNDER "SALARY"
3. ARE MATURITY PROCEEDS TAXABLE?
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KEY MAN INSURANCE POLICY FOR DIRECTORS
Replies (1)
1. Yes.
2. No
3. Yes.
2. No
3. Yes.
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