Wednesday, August 14, 2013

Service Tax to be applicable on LIC from October

From October Life Insurance Corporation, which accounts for 83 per cent of the market share, will levy service tax of around 3 per cent on all non- nit-linked products beginning October 1. This means if the annual premium for your money-back policy from LIC is Rs 10 lakhs, you will have to pay an additional Rs 30,000.

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