Clause 30 - Deduction on certain premium. - Income Tax Bill, 2025

Deduction on certain premium. 30. The following sums shall be allowed as deduction in computing income chargeable under section 26, being premium paid: (a) by any assessee in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of business or profession; (b) by a federal milk co-operative society to effect or to keep in force an insurance on the life of the cattle owned by a member of a co-operative society, being a primary society engaged in supplying milk raised by its members to such federal milk co-operative society; (c) by the assessee, as an employer, through any mode of payment other than cash, to effect or to keep in force an insurance on the health of its employees under a scheme framed in this behalf by (i) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government; or (ii) any other insurer and approved by the Insurance Regulatory and Development Authority established under section 3(1) of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).