ITC on Mediclaim policy

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44 Points Posted on 08 July 2020
Can I claim for ITC on Mediclaim policy for employees?
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On 08 July 2020 at 18:39 Report
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Quick Summary
This discussion clarifies whether businesses can claim Input Tax Credit (ITC) on mediclaim policies purchased for employees. The consensus is that ITC is claimable if the medical insurance is mandatory under current law, such as the MHA order dated 15th April 2020. Ensure the insurance premiums are recorded in the company's P&L account to be eligible.

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Practice
3235 Points Posted on 08 July 2020
If it is mandatory to get medical of all employees under any law being time force then you can else you can not
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On 08 July 2020 at 19:55
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44 Points Posted on 08 July 2020
MHA has issued Order No. 40-3/2020-DM-I (A) dated 15th April 2020. In Clause No. 5 of Annexure-II of the order MHA has made medical insurance mandatory for workers.
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On 08 July 2020 at 21:41
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"Do the Right Thing...!!!"
128157 Points Posted on 08 July 2020
@ Mr Subodh KS.,

Yes... You (company) can claim ITC for insurance taken for employees.

Note : The amount of insurance paid must be in the company's books into PandL account.
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On 08 July 2020 at 22:21

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