I wanted to know whether 'Service Tax' paid on Insurance Premium qualifies for Deduction u/s 80C of the Income Tax Act, 1961. If so, reference to any clarification / circular may please be given
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Service tax - insurance premium -deduction u/s 80c of it act
Replies (2)
U/s 80C, whatever amount paid to keep the policy alive (other than penalty like late fee) is allowed asdeduction. The assessee can not pay premium without paying service tax. So it’s allowable asdeduction u/s 80C. Hence, full amount is elegible for deduction.
Agreed with Ajeet
Only Penalties, revival charges, etc are to be excluded.
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