Change is only Constant' because Change in one thing that ends up impacting the other. Goods and Services Tax, popularly known as GST, is a reform for our economy's indirect tax plan. On 8th August 2016, GST Bill (Which was long pending) was passed in Lok Sabha. It was possible after a very long journey flooded with challenges, Confrontations. As last, the GST Bill has entered the phase of implementation, which will come into effect from July 1, 2017. GST would make changes in the tax structure between the Center and the State.
GST is like Value Added Tax (VAT) that will eradicate the cascade effect/double taxation from the price of goods and services down the value chain. It would without a doubt influence the occurrence, structure and figuring of the aberrant charges, which will prompt an exhaustive restoration of the present duty framework in India.
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Many inquiry emerge about "would we be able to take profit of paying administration impose paid on Insurance Premium! . If we check insurance premium receipts properly we get that the we pay three cost heads; Net Premium + Service Tax + E. Cess. On this basis final gross premium is calculated.
Now question is "can we take claim under section 80C of service tax paid along with insurance premium?" The current tax rules states that "any amount paid to keep in force a life insurance policy qualifies for a tax deduction under section 80C." It is a common perception that Premium Paid all Life Insurance Policies are qualifies for deduction under section 80C of Income Tax Act, 1961.
As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from gross total income by the policyholder. This implies that premium paid for a life insurance policy can be deducted from gross total income before arriving at taxable income subject to certain condition.
Section 80C(2) also clarifies that in order to claim the deduction from gross total income for a particular year the gross amount of premium must be paid or deposited in that particular financial year itself.
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