input benefit on insurance premium
Can input available on these insurance premium expenditure —
1) Motor Vehicle Insurance
2) Factory Building Insurance
3) Staff Mediclaim insurance.
Please give me guidance on above matter.
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.
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