Taxability of claims under group personal accident insurance
This query is : Resolved
31 December 2011
A Public Sector Company is insuring all its Employees under a Group Insurance Policy.
The Claims aganist the Policy is first paid by the Insurance Co. to the employer and there after the employer transfers the claim to the Bank Account of the claimant employee.
1)Is this claim taxable.
2)Has the employer any obligation for TDS on this payment.
The Claims aganist the Policy is first paid by the Insurance Co. to the employer and there after the employer transfers the claim to the Bank Account of the claimant employee.
1)Is this claim taxable.
2)Has the employer any obligation for TDS on this payment.
31 December 2011
I think it is not taxable. Further employer need not to deduct TDS.
01 January 2012
Here the employee is the actual claimant of insurance from insurance company. Employer has acting as middlemen for making such insurance claim. I think the employer is need not make TDS on that payment as the employer is not making payments towards salary, commission etc.
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