Anupam Sethia asked 6 years ago
Input benefit on insurance premium
Dear sir,
Can input available on these insurance premium expenditures —
1) Motor Vehicle Insurance
2) Factory Building Insurance
3) Staff Mediclaim insurance.
Please give me guidance on the above matter.
Answer the question1 Answers
Sachin Agrahari answered 6 years ago
Dear Sir,
Your question is related to claim the benefit of Input Tax Credit, As per section 17(5)(b)(iii) Input credit shall not available non the life insurance and health insurance.However Input credit is available where government notifies the services which are obligatory for an employer to provide to its employees under any law.
In our case Input Credit Tax is available on all except on LIfe insurance and health insurance.
In case of any Queries please whatsapp on 8574566807.
