IndigoLearn

Forums

Key Man Insurance Policy

Amount received by an resident individual under key man insurance policy. How the taxablilty incure ? Its Excempt u/s 10(10D) . I was seen this as business income in the previous RTP Nov 2019 (Q no : 10 )


Tinoj Joseph

Tinoj Joseph

CA Inter

430

19-Jun-20 18:53

49

Answers (3)

Key Man insurance policy was not covered in section 10(10D) as it was taken on life key employees so exemption not available.


KEERTHI PRIYA

KEERTHI PRIYA

CA Inter

695

19-Jun-20 19:36

KEERTHI PRIYA

Key Man insurance policy was not covered in section 10(10D) as it was taken on life key employees so exemption not available.

Keyman insurance policy received : 4.5 Lakhs How taxablilty occur ?


Thread Starter

Tinoj Joseph

Tinoj Joseph

CA Inter

430

19-Jun-20 20:04

Thread Starter

Tinoj Joseph

Keyman insurance policy received : 4.5 Lakhs How taxablilty occur ?

As i said you earlier, it was not covered under 10(10D) hence liable to tax,please see attachment for more clarity.

Attachments

!0(10D).jpeg


KEERTHI PRIYA

KEERTHI PRIYA

CA Inter

695

20-Jun-20 10:17

CA Inter Special Offer
CA Foundation Spl Offer
Inter Testimonials
Testimonials CA Foundation July 21