Insurance Premium Deductions: Business Stocks Yes, Partner Life No, Keyman Policies Allowed under Section 36(1)(i) Income Tax Act.

Premiums paid for the insurance of stock-in-trade or stores utilized in business or professional activities are deductible under Section 36(1)(i) of the Income Tax Act. However, premiums paid for life insurance of partners are considered personal expenses and are not deductible. Conversely, premiums for Keyman insurance policies are allowable as deductions.

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