section 80C

This query is : Resolved

narendra (Querist)
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28 March 2010 while calculating the premium under LIC for the purpose of section 80C shall we take service tax and late fees also under the said bucket or it one of the above or none ( ie only basic premium)
regards
naren

CA Kapil B Gupta

CA Kapil B Gupta (Expert)
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28 March 2010 As a true & fair policy, you should consider premium amount without including late fees.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 March 2010 yes.you need to consider only permium

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G.Ramesh

G.Ramesh (Expert)
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28 March 2010 Agreed,as per my knowledge late fees will not be considered in computation and service tax if any can be considered

Rasesh

Rasesh (Expert)
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28 March 2010 Premium would include service tax and hence should be considered.

Late fees is not premium but is of the nature of penalty and hence should not be included.