GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A state tax on premiums paid by its residents and businesses and collected by insurers is called____
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Direct Tax
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Indirect Tax
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Income Tax
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Premium Tax
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Explanation:
Detailed explanation-1: -Section 37(1) of the Income Tax Act, 1961-Business Expenditure-Premium paid on the keyman insurance policy taken by the assessee on the life of the partners of the firm was wholly and exclusively for the purpose of business and was allowable as business expenditure under section 37.
Detailed explanation-2: -Life. Life insurance premiums are determined by your personal information, including your age, health, and medical record. Health. Some individuals may receive health insurance coverage from their employer, so they may not need to pay for the premium. Auto. Homeowners. Renters. 26-Jan-2023
There is 1 question to complete.