dream.achievementkiller
can i add life insurance premium in salary deductions and vehicle insurance also in salary deduction ?
From India, Hyderabad
rajeevdixit
111

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
tsivasankaran
368

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
dixonjose02
118

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
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.