Need expert comment on Deduction allowed u/s 80C on LIC premium :- amount considered for deduction is premium amount or total amount paid including service tax ?
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Deduction u/s 80c
Replies (5)
Its general practice that deduction u/s 80C for LIC premium is allowed considering service tax amount.
80C
The sums referred to in sub-section (1) shall be 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 of persons specified in sub-section (4);
(ii) to effect or to keep in force a contract for a deferred annuity, not being an annuity plan referred to in clause (xii), on the life of persons specified in sub-section (4):
So, According to me the service tax amount paid can also be taken as a deduction.
You will get the deduction of whole amount inclusive of Service Tax.
Deduction amount shall be inclusive of service tax
Inclusive of service tax
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