Unit linked insurance premium

19 September 2022

what is the treatment of payment for UNIT LINKED INSURANCE PREMIUM. by the employer

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4 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14282 Points)
Replied 20 September 2022

Is this insurance premium paid by the employer ( company) on behalf of the employees ?. please elaborate in detail.

vemuri harish prasad (inter) (42 Points)
Replied 20 September 2022

In the question it is give that employer paid ₹24000 towards ulip for employee

prasad Nilugal ( GST Practitioner & Accounts ) (14282 Points)
Replied 20 September 2022

you have show under indirect expenses in profit and Loss account .

prasad Nilugal ( GST Practitioner & Accounts ) (14282 Points)
Replied 20 September 2022

Also check premium paid on behalf of employees is allowable deduction under 36(1) (ib) of the income tax act 1961 or not .

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