Hi,
I am a Self Employed business man filling ITR4,While Filing the ITR under the P&L section i saw that they have a column of "Medical Insurance" & "Life Insurance", Can I Claim my "Medical Insurance" & "LIfe Insurance" as an expense in P&L.
Harshit (Arbitrager) (215 Points)
13 July 2016Hi,
I am a Self Employed business man filling ITR4,While Filing the ITR under the P&L section i saw that they have a column of "Medical Insurance" & "Life Insurance", Can I Claim my "Medical Insurance" & "LIfe Insurance" as an expense in P&L.
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 14 July 2016
No
Medical Insurance and Life Insurance are personal expenses and
you can claim under sec 80D and 80C
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 14 July 2016
Medical and Life insurance can be claimed in Profit and Loss account
if these expenses have been incurred for your employee (for business purpose)
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 14 July 2016
DEAR HARSHIT SIR
YOU CAN DEDUCTE YOU TAX LIABILTY THROUGH YOU PERSONAL MEDICAL AND LIC INSRUANCE EXPENSES AS DEDUCTION U/S 80 C
BUT PAN CARD STATUS OF YOU BUSINESS SHOULD BE INDIVIDUAL OR HUF.
GOOD LUCK
CAclubindia
