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Deduction

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(Querist)
22 January 2015 Whether service tax paid on lic premium is allowed as deduction under 80c?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
22 January 2015 No. Service Tax portion is not eligible for deduction u/s 80C.
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Rupesh Jain

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Rupesh Jain (Expert)
22 January 2015 yes it is part on the premium.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 January 2015 Correction. Service Tax amount is eligible the wording used under section 80C is any sum paid and therefore Service Tax portion is also eligible for deduction u/s 80C.

My earlier reply stands corrected.

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