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Income Tax - Highlights / Catch Notes

Home Highlights February 2014 Year 2014 This

Disallowance of payment of premium under “Keyman Insurance ...

Income Tax

February 21, 2014

Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under different provision - deducation allowed - AT

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  1. Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

  2. Disallowance of premium paid for Keyman Insurance Policies – investment plans with accompanying insurance benefits - cannot be claimed as business expenditure - AT

  3. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

  4. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

  5. Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a...

  6. The premium on the 'Keyman Insurance Policy' of partner of the firm is wholly and exclusively for the purposes of business and is allowable as business expenditure - HC

  7. Keyman Insurance Policy - Therefore, the difference between premium paid and surrender value is not taxable in the hands of assignee - AT

  8. Disallowance of keyman insurance policy of the director of the company paid - The premium paid for keyman insurance policy is allowable to the assessee u/s. 37(1) of the...

  9. Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

  10. Rejection of expenses on obtention of Keyman Insurance Policy – It is not a ‘term Assurance Policy Plan” as per IRDA guidelines - expenses rightly disallowed - AT

 

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