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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)

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. (AI Summary)
Income Tax
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Mukesh Kumar on May 27, 2009
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 on May 29, 2009

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

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