Is the service tax portion of insurance premium also eligible for 80C deduction??
Nikhil Kumar (CA , Qualified CPA) (910 Points)
19 February 2009Is the service tax portion of insurance premium also eligible for 80C deduction??
CA.E.Deepan Chakravarthy
(CA and CS Executive)
(462 Points)
Replied 19 February 2009
Hello Nikhil Kumar,
If you read section 80C(2), it says "The sums referred to in subsection (1) shall be any sums paid or deposited in the previous year by the assessee" So, any sum paid is eligible for deduction under section 80C.
Regards
Deepan Chakravarthy.E
CA CS VINAYAK PATIL
(CHARTERED ACCOUNTANT)
(921 Points)
Replied 19 February 2009
| Originally posted by :Nikhil Kumar | ||
| " | Is the service tax portion of insurance premium also eligible for 80C deduction?? | " |
yes, except interest on policy preimum amount.
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 19 February 2009
Service tax is the integral part of the insurance premium and it is allowable as deduction u/s 80-C
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