Lic premium paid by employer
This query is : Resolved
08 November 2012
Sir,
if LIC premium of employee is paid by employer on behalf of employee , must employee include it in his income.
and may he take rebate of the same in 80c.
what will be the treatment of the same as per income tax act.
if LIC premium of employee is paid by employer on behalf of employee , must employee include it in his income.
and may he take rebate of the same in 80c.
what will be the treatment of the same as per income tax act.
08 November 2012
Hi,
If same is included in his Income then only employe can claim as deduction.
Even if employee is not showing it as income but reimburses that amt to employer then also he can claim.
Condition is traht employee should pay Premium form his earned income.
Thanks//Vaibhav
Click thank button to convey your appreciation.
If same is included in his Income then only employe can claim as deduction.
Even if employee is not showing it as income but reimburses that amt to employer then also he can claim.
Condition is traht employee should pay Premium form his earned income.
Thanks//Vaibhav
Click thank button to convey your appreciation.
08 November 2012
if Obligation of Employee is paid by the Employer than same would be part of Salary Income of Employee.
and yes Employee can Claim deduction u/s 80C.
and yes Employee can Claim deduction u/s 80C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- NON- SUBMISSION OF LLP FORM 3
- Last year TDS Claim
- Long Term Service award taxability in hands of company
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- TDS related Query_Liquidated Damages
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
