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80C Deduction

05 August 2018

Aditya Birla Life Insurance Premium Paid Amt- 57500.00 +GST 2587.50 = 60087.50 80C Deduction applicable 57500.00 or 60087.50

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9 Replies

RAJA P M ("Do the Right Thing...!!!") (127400 Points)
Replied 05 August 2018

You can deduct Rs. 60087.50 u/s 80C.

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VENU R Prabhu (311 Points)
Replied 05 August 2018

even interest on late payment i e after grace days of due date and also applicable tax say GST previously service tax are eligible for 80c deduction subject to maximum 1.50 lakhs

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RAJA P M ("Do the Right Thing...!!!") (127400 Points)
Replied 05 August 2018

No no...
Interest and Late fee paid On LiC is not deductible under 80C...

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Debashis Aich (138 Points)
Replied 05 August 2018

Add GST applicable Deduction under 80C

RAJA P M ("Do the Right Thing...!!!") (127400 Points)
Replied 05 August 2018

Yes... The LIC premium due and it's GST is deductible u/s 80C...
But, The Late payment of and Interest is not deductible under 80C. Bcoz, It's our mistake or liability or penalty. So, These are not claim in 80C...

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VENU R Prabhu (311 Points)
Replied 05 August 2018

raja sir u corrected my mistake and thanks to u. understand that late fee not eligible u/s 80c. thanks

RAJA P M ("Do the Right Thing...!!!") (127400 Points)
Replied 05 August 2018

It's my pleasure...
Always it's a open way to correct our mistakes and gain knowledge...

So, Raise Your hands to Helping to Others....

GOOD LUCK DEAR...

1 Like