Sameer Jain (Professional) (35 Points)
30 January 2010
VIGNESH
(Manager Finance &Accounts)
(327 Points)
Replied 30 January 2010
As per the Income Tax 1956, any contribution made by employee for Group Insurance Scheme can be taken as a duduction under only section 80C, the reason why income tax allowed deduction in 80C is, Since most of the group insurance scheme will be payable only on the death of the employee, so according to income tax act 1956, the group insurance has considered as a life insurance.if the same is contributed by employer the same can be exempted under section 36(1).
C.Balaji
(Learner)
(1867 Points)
Replied 30 January 2010
Mr.Sameer Jain
When premium paid by company and is deducted in salary then i think you can claim the premium paid as deduction......
Yash Sharma
(CA - FINAL)
(138 Points)
Replied 30 January 2010
CAclubindia
