Can vehicle & stock insurance be paid in cash?

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Nitin Panthri (Querist)
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04 November 2012 Hi Experts,

While auditing a company, I found that the company has paid Insurance premium for its Vehicles & Stock in cash.

U/s 36 of Income tax Act, I found that mandatory bank payment is in case of Employees' health insurance.

Please confirm me whether the above expenditure is allowable under Income tax act.

Looking for your prompt & Valuable reply.

Regards, Nitin
npanthri152@gmail.com

Amol S Joglekar

Amol S Joglekar (Expert)
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04 November 2012 Yes it can be paid in CASH. Payment exceeding 20000 in cash..... should be taken care of.

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Nitin Panthri

Nitin Panthri (Querist)
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07 November 2012 Thanks Sir.. :D

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