Payment of health insurance
This query is : Resolved
22 October 2014
payment of health insurance of partners by firm is allowed as business expense or not? please suggest.
22 October 2014
Not directly. Some insurance companies are offering Employer - Employee type of insurance policies, whereby the premium is paid by the employer for employee's policy. These policies are issued to partnership firms also. You may check with you insurance advisor.
23 October 2014
Neither directly nor indirectly. Partners are not the employees of the firm so any premium paid on the health insurance of partners is not allowed as per Income tax act.
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