Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income?
Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income?
| Originally posted by :Vijay Sarathi H | ||
| " | Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income? | " |
Keyman Insurance premium, whether the benefit of maturity goes to the firm or insured, is allowable expenditure. In case the beneficiary is firm, you should treat as income on maturity of policy.
Can I get any Case laws on the same with respect of allowalibility of premium ???
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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