ITR filing - LIC premium

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ACCOUNTANT
366 Points Posted on 21 May 2021
I have took a life insurance of Premium amount value 36278 rs with SGST and CGST value of 3265 rs each. Total premium amount is 42808. What is the LIC premium amount that should be given when filing ITR using this ?
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On 21 May 2021 at 12:32 Report
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Quick Summary
When filing your Income Tax Return (ITR), you can claim the full amount of your LIC premium as a deduction under Section 80C. This includes the Goods and Services Tax (GST) paid on the premium. Therefore, if your total premium paid, including SGST and CGST, amounts to ₹42,808, this is the figure you should use for your deduction.

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Sr Accountant
292 Points Posted on 21 May 2021

You can claim deduction including GST amount on premium paid  

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On 21 May 2021 at 12:46
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Chartered Accountant
24588 Points Posted on 21 May 2021
Full amount of 42808 rupees should be shown u/s 80C
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On 21 May 2021 at 14:17
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CMA
13117 Points Posted on 21 May 2021
Yes, agree. Full value including GST is an eligible deduction
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On 21 May 2021 at 15:24
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Learner
2398 Points Posted on 21 May 2021
Yeah you can go with full amount including GST.
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On 21 May 2021 at 22:34
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Chartered Accountant
24588 Points Posted on 30 May 2021
Agree
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On 30 May 2021 at 12:39

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