492. Whether the Karnataka Government Servants’ monthly contributions under Karnataka State Employees’ Group Insurance Scheme at a low cost and on a wholly contributory and self-financing basis would be eligible for deduction under section 80C

1. The Government of Karnataka has introduced Karnataka State Employees’ Group Insurance Scheme at a low cost and on a wholly contributory and self-financing basis for giving the twin benefits of an insurance cover to help their nominees in the event of death in service and a lump sum payment to augment their resources on retirement.

2. A question has been raised whether the Karnataka Government Servants’ monthly contributions under the Scheme would be eligible for deduction under section 80C(2)(a)( i) of the Income-tax Act, 1961. It is clarified that the contributions to the Karnataka State Government Employees’ Group Insurance Scheme, 1981 will be eligible for relief under section 80C of the Income-tax Act, 1961 subject to the limit as prescribed in section 80C(4) of the Income-tax Act, 1961.

Circular : No. 518, dated 9-8-1988.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Download our App

  

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

March 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031