Service tax paid on insurance premium - eligible for tax ben
This query is : Resolved
19 February 2013
Hi Experts,
Please adivse whether the amount of service tax paid on insurance premium(Life Insurance/Mediclaim etc.)is considered for income tax benefit u/s. 80C / 80D.
Rgds,
Ramesh
Please adivse whether the amount of service tax paid on insurance premium(Life Insurance/Mediclaim etc.)is considered for income tax benefit u/s. 80C / 80D.
Rgds,
Ramesh
19 February 2013
Under Section 80C only the Insurance premium is allowed as deduction. Service Tax is incidental to rendering the service by the Insurance Company and hence the service tax can not be claimed as deduction under section 80C. In fact , for business assessee's for such service tax , input credit can be claimed
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