90+ Lawyers are online 
Can private limited companies claim deduction under 80C ?
13-Nov-2023 (In Tax Law)
Can Private Limited Companies claim deduction under 80C ?
1. Company is a 'separate legal and artificial person' it has residential status and nationality but no citizenship to right albeit it has right to equality under Art 14 of the Constitution
2. As company is artificial person it can't claim deduction u/s 80c of the income tax I.e HUF or Karta can claim
3. But company can pay life insurance policy premiums of its employees and can claim deduction under other section
2. As company is artificial person it can't claim deduction u/s 80c of the income tax I.e HUF or Karta can claim
3. But company can pay life insurance policy premiums of its employees and can claim deduction under other section
Helpful?
28+
28+
Adv. Satya Prakash Hariom Shukla
Mumbai | 25+ Answers
CONTACT NOW
The answer to your query will be NO.
Section 80 of the Income Tax Act, 1961 expressly provides that in computing the income of an individual or a HUF, the sum paid as insurance premia, etc shall be deductable from the aggregate income.
Therefore, as a Company, the said benefit u/s 80C of the Income Tax Act shall not be available.
Section 80 of the Income Tax Act, 1961 expressly provides that in computing the income of an individual or a HUF, the sum paid as insurance premia, etc shall be deductable from the aggregate income.
Therefore, as a Company, the said benefit u/s 80C of the Income Tax Act shall not be available.
Helpful?
45+
45+
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
