Unit linked insurance premium

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inter
42 Points Posted on 19 September 2022
what is the treatment of payment for UNIT LINKED INSURANCE PREMIUM. by the employer
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On 19 September 2022 at 22:01 Report
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Quick Summary
This discussion clarifies the accounting and tax treatment of Unit Linked Insurance Premiums (ULIPs) paid by an employer for their employees. It details how such payments should be recorded as indirect expenses in the Profit and Loss account. Furthermore, it addresses whether these premiums are eligible for deduction under Section 36(1)(ib) of the Income Tax Act, 1961.

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GST Practitioner & Accounts
15146 Points Posted on 20 September 2022
Is this insurance premium paid by the employer ( company) on behalf of the employees ?. please elaborate in detail.
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On 20 September 2022 at 09:31
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inter
42 Points Posted on 20 September 2022
In the question it is give that employer paid ₹24000 towards ulip for employee
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On 20 September 2022 at 11:04
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GST Practitioner & Accounts
15146 Points Posted on 20 September 2022

you have show under  indirect  expenses  in profit and Loss account . 

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On 20 September 2022 at 12:20
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GST Practitioner & Accounts
15146 Points Posted on 20 September 2022

Also check  premium  paid  on behalf  of  employees  is allowable  deduction under 36(1) (ib)  of the income tax  act  1961 or not .

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On 20 September 2022 at 12:37

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