Premium for insurance of stock-in-trade - Section 36(1)(i) - Income Tax - Ready Reckoner - Income Tax

Premium for insurance of stock-in-trade - Section 36(1)(i) Premium paid for insurance of stock or stores used for the purpose of business or profession is allowed as deduction. Note: Insurance Premium paid on lives of partner is personal expenditure and hence not allowed as deduction. However, Keyman insurance policy premium is allowable.