15 October 2011
Pvt. Ltd. Firm take mediclaim policy from LIC for their 35nos of employers by their name, but payment made by company cheque. Is possible to adjust the premiums payments in company expenses for income tax purpose.
15 October 2011
Under Section 17(2) (vi) of the Income Tax Act the premiums paid by the employer is not treated as perquisite. The premiums paid by the employer are treated as normal business expenses for Income Tax purposes.
CAclubindia
