Perquisites
Surendra Kumar (31 Points)
26 August 2020
LIC premium of employee paid by company is perquisites or not??
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14868 Points)
Replied 26 August 2020
Yes , As per section 17 proviso of the Income Tax act 1961 LIC premium paid by employer or company is perquisites under any scheme approved by the Central Govt or IRDA ( Insurance Regulatory and Development Authority ) .
Confirm with other also
Surendra Kumar
(31 Points)
Replied 26 August 2020
I also have same opinion. But in a solution set is was not treated as perquisite. That is why doubt arise.
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