service tax paid on insurance premium

[Asked by Guest]

Service tax paid on life insurance premium and mediclaim insurance premium; whether deductible u/s 80C & 80D respectively ?

Thanks

S.Gupta

[RAMA KRISHNA KNVS]

Service tax portion should not be considered for 80C and 80D.

AI Summary

Service tax exclusion from premium deductions: service tax component not deductible under sections 80C and 80D.
The portion of insurance premiums that represents service tax must be excluded from the deductible base: service tax on life insurance premiums is not deductible under 80C, and service tax on mediclaim premiums is not deductible under 80D. Only the premium exclusive of service tax qualifies for those income tax deductions.