For claiming deduction u/s 80D, is service tax on Medical Insurance Premium Allowed?
Service tax on medical insurance
CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
16 June 2014
3 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 16 June 2014
yes, the total amount paid by way of premium is allowed as deduction and it includes service tax paid thereon also.
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 17 June 2014
But there are some sites which say that service tax should not be deducted. Is there any circular in this regard?
CA Pooja Sharma
(Chartered Accountant)
(192 Points)
Replied 17 June 2014
I Think there is no cirlular as such but As per Section 80D of IT Act, any sum paid to effect or to keep in force an insurance on the health is eligible for deduction.
Service tax on mediclaim is a statutory levy which is to be paid along with premium to keep in force the policy.
Thus, it is the amount paid towards mediclaim insurance and should be eligible for deduction.
Recent Topics
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
Related Threads
CAclubindia
