Deduction of group life insurance premium
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 March 2012
Dear all,
Can u please confirm me whether the premium paid by company for group life insurance of its employees is a deductible expenditure under income tax act and under which section.
thanks.
Can u please confirm me whether the premium paid by company for group life insurance of its employees is a deductible expenditure under income tax act and under which section.
thanks.
28 March 2012
Deduction is allowed u/s 36(1)(ib).
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
But sec. 36(1)(ib) talks only about health insurance premium and not life insurance premium.
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