Deduction U/s 80C
This query is : Resolved
16 December 2010
Dear Sir/Madam,
I would like to know that whether the deduction u/s 80C of the Income Tax Act in respect of Life Insurance Premium is allowable inclusive of Service Tax OR exclusive of Service Tax ?
For example, say, Mr. X pays the premium of Rs. 10,000 and L.I.C. charges 10.3% Service Tax on Rs. 10,000 i.e., Rs. 1030. Thus, Mr. X pays Rs. (10,000 + 1,030) = Rs. 11,030 in total. Now, the question is whether Mr. X will get the deduction of Rs. 10,000 only OR full deduction of Rs. 11,030 which includes Service Tax, u/s 80C of the Income Tax Act ?
Please help.
Thank you!
Regards,
Vinay Kumar Gupta.
I would like to know that whether the deduction u/s 80C of the Income Tax Act in respect of Life Insurance Premium is allowable inclusive of Service Tax OR exclusive of Service Tax ?
For example, say, Mr. X pays the premium of Rs. 10,000 and L.I.C. charges 10.3% Service Tax on Rs. 10,000 i.e., Rs. 1030. Thus, Mr. X pays Rs. (10,000 + 1,030) = Rs. 11,030 in total. Now, the question is whether Mr. X will get the deduction of Rs. 10,000 only OR full deduction of Rs. 11,030 which includes Service Tax, u/s 80C of the Income Tax Act ?
Please help.
Thank you!
Regards,
Vinay Kumar Gupta.
16 December 2010
The Amount You paid will be Allow u/s 80C.
16 December 2010
yes. deduction available
17 December 2010
Sir, Please be specific. Which amount Rs. 10,000 OR Rs. 11,030 ?
Also provide some reasons/explanations for the answer.
Please don't give one-liners.
Also provide some reasons/explanations for the answer.
Please don't give one-liners.
17 December 2010
Sir, Please be specific. Which amount Rs. 10,000 OR Rs. 11,030 ?
Also provide some reasons/explanations for the answer.
Please don't give one-liners.
Also provide some reasons/explanations for the answer.
Please don't give one-liners.
18 December 2010
11030 Will Be Allowed
20 December 2010
In section no where told inclusive of service tax or exclusive, so we need to take inclusive, so Rs.11030 will be allowed as deduction
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