Group insurance policy on employees

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Eswar Reddy S (Querist)
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16 June 2014 A company has taken group insurance policy on 01.01.2014 for one year and paid Re.200,000/- for financial year 2013-14 ,how much need to account as an expense? Is it proportionately or entire need to consider on payment basis? Sum assured has not mentioned in the policy.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 ideally it should be divided on the basis of months and accordingly apportioned over different financial years.

Rupesh Jain

Rupesh Jain (Expert)
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17 June 2014 pls make divide the exp. accruing to period and remaining claim to prepaid exp. and claim in next year.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2014 (2,00,000/12months)x 3 months as exp for fy 13-14 and bal in 14-15 FY

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