Any expenditure incurred wholly and exclusively for the business is alloowable expenditure u/s 37 of the I.T.Act. The premium paid on insurance policy on any employee life is also allowable expenditure. The insurance company sells Keyman insurance policy which basically means as per Explanation to section 10(10D) as under
Is keyman insurance on partners of firm allowable as expenditure?
July 12, 2010 by