respected sir/madam,
I have one query regarding the ITC of insurance expenses
(1) life insurance
(2) health insurance
(3) general insurance
(4) accident insurance
(5) car or motor vehicle insurance etc
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Insurance expenses itc allowed or not
Replies (7)
Are You asking as Individual...???
or
Asking as businesses...???
or
Asking as businesses...???
For both
1. Not allowed in any case
2. Not allowed for individual but if company take for employees then allowed
3. Not allowed
4. Ineligible
5. Ineligible
2. Not allowed for individual but if company take for employees then allowed
3. Not allowed
4. Ineligible
5. Ineligible
| Originally posted by : Yogendra Singh | ||
 |
For both |  |
For individual ITC not allowed in all the five...
| Originally posted by : Yogendra Singh | ||
|
For both | |
For/ under in Business... It's based on the nature of expenses....
(1) life insurance - Yes, If it's provided to employees
(2) health insurance - Yes, If it's provided to employees
(3) general insurance - Based on Insurance Taken against...
(4) accident insurance - Yes, based on Taken..
(5) car or motor vehicle insurance etc - Based on business with that Motor vehicle...
Ok thanks you
Insurance expenses input tax credit is allowed.
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