Insurance on Fire and Burglary

Hi friends,

I have small query plz help Me, if at all we get invoice for insurance related to Fire and Burglary , can I take ITC on this?.
And this invoice is for 18-19 , we are making payment before the completion of service so how I can treat this transaction is books of accounts . is this prepaid insurance or expenses ????
Replies (3)
you can avail ITC except life insurance policy
Check the Invoice date....

Hello! You should check the invoice date.

Hello there! I would like to say, that some insurance companies provide insurance as a pre-paid service, while others you should state as expenses. The most important thing is to check the invoice date and it should be written for which period you are paying your insurance. You can also check for some useful info on Money Expert. It’s a free service and maybe they can provide some information about your question. I even found there a home insurance provider with lower rates. Maybe it will help you as well.

 

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