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Issue ID: 1213
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Deduction u/s 80C - Basic premium or total premium

Date 26 May 2009
Replies 2 Replies
Views 1278 Views
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)

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

Income Tax
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Replied on May 27, 2009
1. It should be allowed on total premium. Section 80C does not require to bifurcate the amount into basic amount and taxes applicable thereupon.
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Replied on May 29, 2009
2.

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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