Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as deduction u/s 37 by the firm.
a) Tax-free u/s 10(10D)
b) Fully taxable as Income
c) Rs.270000 is taxable
d) Rs.230000 is taxable
a) Tax-free u/s 10(10D)
b) Fully taxable as Income
c) Rs.270000 is taxable
d) Rs.230000 is taxable