80c deduction on life insurance premium with/without s. tax

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This query is : Resolved

Radhey Shyam Agrawal (Querist)

27 August 2016 Please tell me whether deduction of sec 80C is available on Life Insurance Premium with/without Service Taxes.

Thanks & Regards

ACA Anurag

ACA Anurag (Expert)

27 August 2016 Dear Radhey Shyam,

deduction is allowed

Message likes : 1 times

ACA Anurag

ACA Anurag (Expert)

27 August 2016 Dear Radhey Shyam, Kindly ignore above reply. As per act its says total amount paid as life insurance policy so there is no debate on that. It's allowable inclusive of service tax

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)

27 August 2016 Full amount (with service tax ) you can claim.

ACA Anurag

ACA Anurag (Expert)

28 August 2016 Dear Radhey Shyam,

Its already explained.

Hope your query is resolved

Kindly like if my response has helped you

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

29 August 2016 For 80C you can claim insurance premium paid amount which includes all applicable taxes.

Message likes : 1 times

Radhey Shyam Agrawal

Radhey Shyam Agrawal (Querist)

29 August 2016 You mean to say that any amount paid to the Insurer is allowable as deduction, then in such a case back date interest paid on the premium amount is also deductible or not.
Please clarify deductible amount = base premium+service taxes+back date interest ???

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

29 August 2016 Back date interest not eligible to claim 80C, other than interest can be allowed as deduction on payment basis.

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