Section 30 Income Tax Act 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). |