Dear All,
in Some Insurance Policy Shows the Service tax amount sepoeraterly. Like as Candidate paid the Amount of Rs . 4244/-
but in the 4244/- Premium Amount 4201+ 43 (As a Service Tax). can the Candidate claim rebate of Whole amount of Rs. 4244/- or he can claim 4201/- under section 80-C. Can the assessee claim the deduction of service tax amount
paid by him in the Insurance premium.
Please clarify.
Thanks
Parmod
Hi pramod...
I think the assessee is allowed for full amount, i.e Rs. 4244
Total amount is allowed
total amount is allowed
I also agreed with the above members.
U/s 80C Provided that payment towards life insurance is allowed as deduction. So I think whole amount is allowed as deduction.There is no specific rule regarding byfercating of Premium amount and Service tax amount.
dear promod
according to section 80 c provideds that
a policy of insurance on the life of an individual or the spouse or the child of such individual or a member of a Hindu undivided family securing the payment of specified sum on the stipulated date of maturity, if such person is alive on such date notwithstanding that the policy of insurance provides only for the return of premiums paid (with or without any interest thereon) in the event of such person dying before the said stipulated date;
and this only for the return of premiums should be paid according to law language it does not required to separate the amount . pay attention on "only for the return of premiums paid" and it's means whole amount which is finally total in your premium receipt ........................
whole amount
Yes, whole amount paid as premium inclusive of service tax eligble for deduction, however without interest or penalty in case if we paid
full amt. is allowed
i am having rental income Rs 50000 and paid lip Rs 60000 and taken yearly mediclaim policy rs 18000.
Also Rs 15 lakhs income from agri . Please help me for computation by giving deduction
CAclubindia
