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Service tax paid on insurance premium - eligible for tax benefit
Dear All 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
Replies (1)
An assessee is eligible to claim total premium paid inclusive of Service tax but excluding interest and late fees.
So that an assessee can take claim u/s 80C as 1665/-
Thanks & Regards
Piyush Tanwar
CA Finalist & Internal Auditor
Mobile - 9717468521
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