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Key Man Insurance Policy
Direct Taxation
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 )
Answers (3)
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 JosephKeyman 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.
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