We are private limited company in mumbai. We are planning to take medeclaim for our employees. How it wil be benebecial this for our compnay in terms of tax deduction. Will we get deduction for makin gpayment of staff mediclaim premuim if we make payment of premuim from comapny account. also can we take GST input credit agaist the said premuim.
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Deduction to company for staff medeclaim paid
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As Per section 36(1)(ib) It is allowed
The section is as follows
36(1)[ib] the amount of any premium paid by any mode of payment other than cash by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme framed in this behalf by—
[A] the General Insurance Corporation of India formed under section 9 of the General Insurance Business [Nationalisation] Act, 1972 [57 of 1972] and approved by the Central Government; or
[B] any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section [1] of section 3 of the Insurance Regulatory and Development Authority Act, 1999 [41 of 1999];
The section is as follows
36(1)[ib] the amount of any premium paid by any mode of payment other than cash by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme framed in this behalf by—
[A] the General Insurance Corporation of India formed under section 9 of the General Insurance Business [Nationalisation] Act, 1972 [57 of 1972] and approved by the Central Government; or
[B] any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section [1] of section 3 of the Insurance Regulatory and Development Authority Act, 1999 [41 of 1999];
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