May 08, 2026
Submitted By: Shristi Rajput
Circular No.38/2016 Adminissiblity of expenditure incurred by the firm on Keyman insurance policy
Circular No. 38/2016 clarifies the admissibility of expenditure incurred by a firm on a Keyman Insurance Policy. It states that premium paid by a firm for Keyman insurance of its partners is allowable as business expenditure under the Income-tax Act.
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