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Deductions 80 C

CA Final 203 views 2 replies
Is GST bear by Insurer Is eligible for deduction under Sec 80C ?
Replies (2)
yes i.e. isurance premium including tax will be admissible under 80c.

Yes

Section 80D says

The clause "(a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family ...." clearly means that service tax is inseparable from the premium and the whole amount is eligible for tax exemption. Without paying the service tax, one cannot keep the insurance in force. Thus, whatever amount one pays to maintain his insurance does qualify for exemption from tax. There is no scope for any dispute.

Section 80C says the same

The whole amount paid hence it is allowable

 


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