section 80C
This query is : Resolved
28 March 2010
while calculating the premium under LIC for the purpose of section 80C shall we take service tax and late fees also under the said bucket or it one of the above or none ( ie only basic premium)
regards
naren
regards
naren
CA Kapil B Gupta
(Expert)
28 March 2010
As a true & fair policy, you should consider premium amount without including late fees.
CMA Ramesh Krishnan
(Expert)
28 March 2010
yes.you need to consider only permium
28 March 2010
Agreed,as per my knowledge late fees will not be considered in computation and service tax if any can be considered
28 March 2010
Premium would include service tax and hence should be considered.
Late fees is not premium but is of the nature of penalty and hence should not be included.
Late fees is not premium but is of the nature of penalty and hence should not be included.
CA.ViVeK M ACA
(Expert)
28 March 2010
Only premium amount will be qualify for deduction , no service charges or late fee will be qualified for deduction
CA Ravi Sisodia
(Expert)
28 March 2010
Agree , only premium amount taken for deduction u/s 80C, service tax and late fees do not includ in deduction.
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