Is the service tax portion of insurance premium also eligible for 80C deduction??
Is the service tax portion of insurance premium also eligible for 80C deduction??
Hello Nikhil Kumar,
If you read section 80C(2), it says "The sums referred to in subsection (1) shall be any sums paid or deposited in the previous year by the assessee" So, any sum paid is eligible for deduction under section 80C.
Regards
Deepan Chakravarthy.E
| Originally posted by :Nikhil Kumar | ||
| " | Is the service tax portion of insurance premium also eligible for 80C deduction?? | " |
yes, except interest on policy preimum amount.
Service tax is the integral part of the insurance premium and it is allowable as deduction u/s 80-C
CAclubindia
