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Deduction u/s 80C - Basic premium or total premium

Rahul Bagaria

Whether deduction u/s 80C will be allowed on Basic premium or on total premium (including service tax)

Section 80C Deduction Should Apply to Total Premium Including Service Tax, Say Forum Participants A discussion on a forum inquired whether the deduction under Section 80C of the Income Tax Act should be applied to the basic premium or the total premium, including service tax. Two participants responded, both agreeing that the deduction should be on the total premium amount, including service tax, as Section 80C does not require separating the basic amount from applicable taxes. (AI Summary)
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