HOW TO CALCULATE SERVICE TAX IN LIC

PREMIUM

HARI SOMAIYA PRODUCTIONPRESENTS

YOUTUBE/HARI SOMAIYA MO. 9909123670

SERVICE TAX 3.5%

• IF THE PREMIUM IS RS 10000/- • AND THIS IS FIRST YEAR PREMIUM• SO YOU WILL PAY RS 10350/-• METHOD OF CALCULATION• 10000*3.5/100=350 • 10000+350=10350• SERVICE TAX=PRINCIPLE AMOUNT*SERVICE TAX

RATE/100• PREMIUM= PRINCIPLE AMOUNT+SERVICE TAX

YOUTUBE/HARI SOMAIYA MO. 9909123670

SERVICE TAX 1.75%

• IF THE PREMIUM IS RS 10000/- • AND THIS IS RENUAL YEAR PREMIUM• SO YOU WILL PAY RS 10175/-• METHOD OF CALCULATION• 10000*1.75/100=175 • 10000+175=10175• SERVICE TAX=PRINCIPLE AMOUNT*SERVICE TAX

RATE/100• PREMIUM= PRINCIPLE AMOUNT+SERVICE TAX

YOUTUBE/HARI SOMAIYA MO. 9909123670

SERVICE TAX 14%

• IF THE PREMIUM IS RS 10000/- • AND THIS IS FIRST YEAR PREMIUM• SO YOU WILL PAY RS 11400/-• METHOD OF CALCULATION• 10000*14/100=1400• 10000+1400=11400• SERVICE TAX=PRINCIPLE AMOUNT*SERVICE TAX

RATE/100• PREMIUM= PRINCIPLE AMOUNT+SERVICE TAX

YOUTUBE/HARI SOMAIYA MO. 9909123670

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YOUTUBE/HARI SOMAIYA MO. 9909123670