Service Tax paid on Life,Postal Life & Medical insurance

Discussion in 'Tax' started by mbhunia, Jul 18, 2015.

  1. mbhunia

    mbhunia Member

    Hi ! Members,
    I wish to get help on whether the service tax paid on life & medical insurance premiums is eligible for deduction u/s 80C & 80D respectively . Perhaps I. Tax rule remains silent in this regard. If there is no clear instructions, what do you all folow ? I mean - which amount- only premium or ( premium+s.tax+e. cess ) is eligible for deductions ? Thanks in anticipation of quick reply.
     
  2. sourishjal

    sourishjal Staff Member

    You go to the page https://cleartax.in/Guide/Section80Deductions There you will get simplified cincept on deductions under Income Tax Section 80. Now, if you ask about the various deductions an incumbent may avail of, I give you the list- the interest of Home loan EMI u/s 80EE, P. Tax, deductions u/s 80 ( life & health insurance), Donation amount u/s 80G, etc.
     
    Last edited: Jul 19, 2015
    nemo likes this.
  3. mbhunia

    mbhunia Member

    Hi ! Sourishjal,
    Your suggested website do not mention specifically whether S. Tax & E. Cess on different insurance premiums is eligible for deduction or not. Kindly post the specific reply . Kindly let me know the practice you follow in this regard .
     
  4. sourishjal

    sourishjal Staff Member

    Not at all. Service tax on the premium of a certain insurance policy does come under the purview of deductions. Even, the late fine on premium of policies is not eligible for deductions.
     

Share This Page