ITC on insurance
This query is : Resolved
20 February 2021
Dear Sir,
My client paying insurance payment for the company and staffs, For this insurance they are not collecting any amount from staffs.
1 ) Group personal accident
2) special contingency
3) hull & Machinery
4) standard fire accident Policy
5) boat
may i claim ITC on above mentioned policy.
Kindly advice
My client paying insurance payment for the company and staffs, For this insurance they are not collecting any amount from staffs.
1 ) Group personal accident
2) special contingency
3) hull & Machinery
4) standard fire accident Policy
5) boat
may i claim ITC on above mentioned policy.
Kindly advice
CA R SEETHARAMAN
(Expert)
20 February 2021
Yes, ITC can be claimed on it as it's related to business.
Group insurance related to accident company's liability shifted to insurance.
Group insurance related to accident company's liability shifted to insurance.
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