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)

[Mukesh Kumar]

It should be allowed on total premium. Section 80C does not require to bifurcate the amount into basic amount and taxes applicable thereupon.

[BARUN BASU]

Q :Whether deduction u/s 80C will be allowed on Basic premium or on total premium (including service tax) Ans: Certainly it is on the total amt. includint service tax

AI Summary

Deduction under section 80C: premium including service tax qualifies for deduction, no need to segregate basic premium. Deduction under section 80C: the deduction is permissible on the total premium, including service tax, because section 80C does not require bifurcation into basic amount and taxes.