Can My Friend Claim Service Tax on His Boss's Car Insurance Premium? Seeking Advice

atul.mystery
Hello Everyone, a friend of mine is working in a proprietorship company. I am asking this issue on behalf of him. His company pays a half-yearly insurance premium for the owner's four-wheeler. Can he take input service tax on the premium amount?
pon1965
Understanding Premium Payment and Service Tax

How is the premium paid for insurance linked to the service tax he is paying for other services? He has paid service tax on the premium for the services availed. Both are separate. Input credits cannot be claimed.

Pon
loginmiraclelogistics
It's understood that your friend uses a car owned by someone else, for which the insurance premium is being paid by the owner. The premium includes a Service Tax of 12.36%. Am I correct? If yes, the answer is NO. Since the real owner of the car (as per the RC records) is your friend's owner, only the owner is entitled to avail the input credit of the Service Tax paid in the premium. This is because only the registered owner is the rightful assessee. However, let me know how Service Tax comes into the picture here. Do you mean Income Tax? If the query is about Income Tax, then a premium paid on a vehicle is not relevant to personal Income Tax. However, it may be considered for business income/expenses and deductions while computing Income Tax. Please make your query clearer to enable us to provide an appropriate opinion.
fc.vadodara@nidrahotels.com
First of all, let us know about the other half of the insurance premium and who is paying it. If the company pays the entire amount of the insurance premium, how will you show the car being used for business purposes? If you can satisfy the tax authorities with proper records, then you can go ahead; otherwise, it is a mere waste of time and energy. The amount will likely be meager, hardly in the hundreds.
pon1965
Service Tax on Insurance Premium

Insurance companies charge service tax on the premium charges. I think he is asking about the input ST credit for the service tax component paid on the premium charges.

Regards,
Pon
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