can i add life insurance premium in salary deductions and vehicle insurance also in salary deduction ?
From India, Hyderabad
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From India, Hyderabad
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You can deduct insurance from salary, subject to approval from your management. Some companies have the facility to deduct LIC premium or loan premium of their employees and remit it to the bank. Few companies do not have this system.
Regards, Rajeev
From India, Bangalore
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113Regards, Rajeev
From India, Bangalore
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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
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From India, Chennai
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Authorized Deductions Under the Payment of Wages Act
The Payment of Wages Act provides a list of authorized deductions. It is a common practice in many manufacturing companies to deduct LIC premiums under the "SSS" scheme, i.e., Salary Saving Scheme. The amount deducted is automatically captured for TDS calculations and in Form 16.
Apart from this, it is advisable not to involve in other deductions such as vehicle insurances, as it will only contribute to administrative headaches without adding any value.
From India, Mumbai
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The Payment of Wages Act provides a list of authorized deductions. It is a common practice in many manufacturing companies to deduct LIC premiums under the "SSS" scheme, i.e., Salary Saving Scheme. The amount deducted is automatically captured for TDS calculations and in Form 16.
Apart from this, it is advisable not to involve in other deductions such as vehicle insurances, as it will only contribute to administrative headaches without adding any value.
From India, Mumbai
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Deductions From Salary-sec.80 Items-checklist .docx
SALARY SHEET CALCULATION.xls