Deduction under section 80 C
This query is : Resolved
Mridulla Mittal
(Querist)
14 November 2007
Whether the deduction under section 80 C for life insurance services availed will be available of the gross premium paid or amount net of service tax if the breakup of the premium charged is mentioned in the Life Insurance receipt.
Amarjeet Singh
(Expert)
14 November 2007
As per Section 80C any sums paid or deposited in the previous year by the assessee
(i) to effect or to keep in force an insurance on the life is allowed as deduction
Perimum amount is including service tax ,therefore 80C is allowed on gross amount
(i) to effect or to keep in force an insurance on the life is allowed as deduction
Perimum amount is including service tax ,therefore 80C is allowed on gross amount
Late CA Sampat Jain
(Expert)
14 November 2007
whatever is paid to keep in force an insurance is eligible ........in my opinion even the interest on delayed payemtn to keep in force the insurance also
CA. Kirti S. Ganatra
(Expert)
15 November 2007
No only insurance amount without interest including service tax is allowed in Sec 80C
Ravikumar.G
(Expert)
16 November 2007
Interest on delayed payment of LIC will not be allowed in Sec 80C. But service tax can be included. What Kirti S.Ganatra said is correct.
CA. O.P. Agarwalla
(Expert)
19 November 2007
Any sum paid to effect ot keep in force the Life Insurance policies, in my opinion also includes Servbice taxes and interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Query on effect of registration of property
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
