Mediclaim policy
This query is : Resolved
16 March 2009
Whether Mediclaim Policy for both officers and workers and Personal Accident Cover for both will come under the perview of FBT or not ?
Is there any limitation there ??
Plz clarify me..
Regards
Ramsankar Mishra
Is there any limitation there ??
Plz clarify me..
Regards
Ramsankar Mishra
16 March 2009
"... the Central Board of Direct Taxes circular is silent on applicability of FBT in respect of group personal accident/workman compensation insurance. It only states that only if the expenditure is a part of statutory obligation it would be exempted. Similar would also be the situation with regard to group health insurance, group medical insurance, group life insurance. We feel that all these payments are not a part of statutory obligation hence they would be subjected to FBT"
Source: http://www.taxlawsonline.com/news/article/fringe.asp
In view of the above, it appears to me that expenditure paid towards Mediclaim Policy and Personal Accident Cover are liable for FBT
Source: http://www.taxlawsonline.com/news/article/fringe.asp
In view of the above, it appears to me that expenditure paid towards Mediclaim Policy and Personal Accident Cover are liable for FBT
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