Sir I am contributing every month 1.16% of my Basic salary & DA in EPS under Employees Provident Fund for Higher pension besides 12% EPF share. Can I claim 1.16% share contribution for Income tax computation?
Dear Mr C Bakshi and all of you who have wrongly replied him that GST amount Rs. 250 is Eligible for tax Deduction under section 80C. This is totally wrong answer. Only Premium Amount is eligible under Section 80C which is Rs 10000/-. And GST on Premium is the service charges paid to government for purchasing any policy or any Service etc. It is paid to government in the end of Every Month or consolidated in the end of F.Y. For income tax deduction under 80C, you will need premium paid certificate by LIC and that certificate is exclusive of all taxes (GST/GST on late Fees/CGST/SGST etc). Therefore your CA is right and it is like his daily job and he knows taxe rules better than any of us.