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Lic - income tax
hai i did not pay lic premium for the previous financial year. Now i paid lic premium for the pending previous year also. can i show the total premium in income tax filing or should i show only the current financial year premium even though i had paid for the previous year also
Replies (13)
Sorry sir, i could not follow you. Is there any rule stating that the total premium paid in LIC should be split according to the financial year wise and income tax filed or the total premium paid to a LIC policy in a financial year is applicable
Deduction us 80C is available on payment basis.
You can claim deduction for both the years.
the problem here is that in my office they are not accepting the total premium paid. they they will accept the only premium paid for this year and they will not accept the previous years premium even though it is paid in the current financial year
Ask them on the basis of which they are claiming this??
Even if they don't accept your argument let it be.
While filing your Income Tax Return for the year you claim the deductions for both the years and claim refund of excess TDS deducted.
Deductions have to be claimed on payment basis
I agree with CA Dinesh Jangid and this is only the rule where anyone is applicable to claim deduction u/s 80C.
Deduction is available on the payment basis irrespective for which year that premium relates.
Am paying rent 12,500.00 permonth but my house owner is not ready to give his PAN number.What can i do to deduct my house rent ?
Deduct his tds at 20% and pay him only 10000. He will not only give you the pan number but his original pan card as reference.
Deduction of LIC is available on payment basis
allowed as deduction on payment basis
I.e in which year you paid u will get deduction in that year
eg: policy premium:of march2016 ,paid in April 2017
allowed in 2017-18 financial year because u paid in that 2017-18 year even if it's related to 2016-17 financial year.
I.e in which year you paid u will get deduction in that year
eg: policy premium:of march2016 ,paid in April 2017
allowed in 2017-18 financial year because u paid in that 2017-18 year even if it's related to 2016-17 financial year.
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