tax treatment of key man insurance premium

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..... What is the tax treatment of Key man insurance premium paid in the hands of the company and in case of maturity proceeds. - Reply By Manohar Shetty - The Reply = Under S 17(3)(ii) the definition of Profits in lieu of salary includes any payment due to or received by an employee from an employer or former employer or from Provident Fund or any other fund to the extent to which it does not consist o .....

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..... f contributions by the employee or interest on such contributions or any sum received on or after 1-10-1996 by an employee under a Keyman Insurance Policy including the sum allocated by way of bonus on such policy will be treated as Profits in lieu of Salary on receipt. S 10 (10D) exempts the receipt under Life cover except the keyman policy saying any sum received under a life insurance policy, .....

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..... including the sum allocated by way of bonuson such policy is exempt other than any sum received under Keyman Insurance Policy. - Reply By CA UMA KOTHARI - The Reply = Somehwere on this website I found information that you are presently in life insurance business, and have vast 12 years exeprience so I think you are best person to make elaborate reply to your query under issue id 1852 for the ben .....

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..... efit of readers. Why you are raising a question just for sake of raising a question when you can yourself expertly reply on the same. At least you can give your views and then seek views of other persons to serve the purpsoe of discussion. - tax treatment of key man insurance premium - Query Started By: - Rahul Bagaria Dated:- 5-4-2010 Income Tax - Got 2 Replies - Income Tax - Discussion Forum .....

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..... - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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