Service Tax paid on Life,Postal Life & Medical insurance

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July 18, 2015 at 3:46 pm #70152

Anonymous
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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.

July 19, 2015 at 5:13 am #80779

Anonymous
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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.

July 19, 2015 at 7:41 am #80784

Anonymous
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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.

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 .

July 19, 2015 at 10:02 am #80785

Anonymous
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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.
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