Deduction u/s 80c

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satyam chyavan (Querist)
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16 January 2012 Whether service tax paid on Insurance premium is allowed as deduction or not?
Suppose..for eg. If amt of insurance premium is Rs.10000 and service tax charged thereon@10.3% is Rs. 1030. Thus Rs. 11030 is paid as total premium. Then what will be the amount of deduction available to an individual u/s 80C?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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17 January 2012 Section 80C provides for tax deduction in case of life insurance premium and life insurance premium is not subject to service tax pl note

O.D.SHARMA

O.D.SHARMA (Expert)
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17 January 2012 Dear Manoj,There is service tax component in life ins. premiums. charged hidden/Separately.

Mr satyam-This is a part of premium ,so claimed for 80C

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