Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2014 Year 2014 This

Disallowance of insurance premium on directors life - it is not ...


Insurance Premium on Director's Life Not a Business Expense; Not Considered Director's Perquisite.

March 29, 2014

Case Laws     Income Tax     AT

Disallowance of insurance premium on directors life - it is not a business expenditure of the assessee company particularly when the assessee does not consider it as a perquisite in the hands of the concerned director - AT

View Source

 


 

You may also like:

  1. The circular clarifies the treatment of input tax credit in relation to life insurance premiums not included in taxable value. The circular explains that such premiums...

  2. 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...

  3. Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First...

  4. Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from...

  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. ITAT ruled in favor of taxpayer regarding expenses claimed under contractual arrangement with Max Life Insurance. The disputed amount, though related to service tax, was...

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

  8. Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

  9. Salary income - Perquisites - Addition u/s. 17(2)(v) towards insurance premium paid by the employer - any policy to effect an assurance on the life of the assessee shall...

  10. Keymen Insurance premium - in the absence of any contrary material placed by the Revenue that the 3 Directors are not the key persons, we are of the view that the...

  11. Determination of income u/s 44 - Taxing the income arising on account of shareholders profits - where the assessee company was engaged only in life insurance business...

  12. Addition as perquisite u/s 17(2)(iv) - payment for credit card bills made by the company on her behalf - The ITAT deleted the addition accepting the assessee's...

  13. Allowable deduction u/s 37(1) - disallowance of reinsurance premium payment made to non-resident reinsurers who do not have a place of business / branch in India - the...

  14. ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged...

  15. CENVAT credit - input services - Rule 2(l) of CCR 2004 - insurance taken in the name of Joint Managing Director - Insurance premiums of motor vehicles and repair of...

 

Quick Updates:Latest Updates