can i add life insurance premium in salary deductions and vehicle insurance also in salary deduction ?
From India, Hyderabad
From India, Hyderabad
You can deduct insurance from salary.subject to approval from your management .
some companies have facility to deduct LIC premium or loan premium of their
employees and remit to bank .Few companies do not have this system.
Regards
Rajeev
From India, Bangalore
111some companies have facility to deduct LIC premium or loan premium of their
employees and remit to bank .Few companies do not have this system.
Regards
Rajeev
From India, Bangalore
Payment of Wages Act provides for deduction of LIC Premiums. However, to my knowledge, vehicle insurance premiums are not included in deductiuon llist
From India, Chennai
From India, Chennai
The Payment of Wages Act gives the list of authorised deductions.
It is a practce in many mgf companies to deduct LIC premiums under the "SSS" scheme i.e. Salary Saving Scheme. The amt so deducted is authomatically captured for TDS calculations & in the Form 16.
Apart from this, it is better not to get into other deductions like vehicle insurances, etc. at it will only add to administrative headaches of yours, without any value add.
From India, Mumbai
It is a practce in many mgf companies to deduct LIC premiums under the "SSS" scheme i.e. Salary Saving Scheme. The amt so deducted is authomatically captured for TDS calculations & in the Form 16.
Apart from this, it is better not to get into other deductions like vehicle insurances, etc. at it will only add to administrative headaches of yours, without any value add.
From India, Mumbai
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