Tsivasankaran
Consultant
Dixonjose02
Sr. Hr Manager
Rajeevdixit
Hr , Personnel & Admin
+1 Other

Thread Started by #dream.achievementkiller

can i add life insurance premium in salary deductions and vehicle insurance also in salary deduction ?
27th December 2012 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

28th December 2012 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
28th December 2012 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.
24th April 2013 From India, Mumbai
Reply (Add What You Know) Start New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)





About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™