Whether Keyman Insurance policy with life taken on the life of a partner is allowable expenditure while copmuting firm's income?
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Keyman Insurance on Partner of a Firm
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| 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 ???
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