As per Section 80c of the IT Act only premium is allowed for deduction and not the penalty part. Rs. 10.000 is deductible in this case.
Arun Trivedi
(JOB)
(80 Points)
Replied 18 January 2014
As per Section 80c of the IT Act only premium is allowed for deduction and not the penalty part. Rs. 10.000 is deductible in this case.