Service tax paid on insurance premium - deduction

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ACCOUNTANT
35 Points Posted on 12 January 2021
Dear Sir, Please suggest. When a person purchase a Insurance than he need to pay premium. total premium amount consists of premium and service tax on it ex- rs.1634 for premium and rs.31 for service tax total amount payable rs1665. so what should be the LIC amount for deduction u/s 80C
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On 12 January 2021 at 12:39 Report
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Quick Summary
This discussion clarifies whether the service tax paid on an insurance premium is eligible for deduction under Section 80C of the Income Tax Act. The consensus is that the full amount paid to the insurer, including both the premium and any applicable service tax, should be considered for the 80C deduction. Therefore, the total payment made to the LIC is eligible for relief.

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Tax consultant
3466 Points Posted on 12 January 2021
Rs 1665 will deducut under 80c gst plus premium
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On 12 January 2021 at 14:03
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Chartered Accountant
16188 Points Posted on 12 January 2021
Total amount should eligible for deduction
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On 12 January 2021 at 14:35
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10683 Points Posted on 12 January 2021
Deduction will be full payment to LIC. Including GST if any.
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On 12 January 2021 at 17:41

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