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Lic - income tax

24 March 2017

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

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13 Replies

(Guest)

when it is applicable that u have to show

Deduction is available under Section 80C with respect to premium paid towards life insurance policy. however no deduction is available for any late-fee charges paid.

/experts/late-fee-of-lic-eligible-u-s-80c-or-not-1185684.asp

VENGADESH PRABHU (5 Points)
Replied 24 March 2017

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

Studentsca (CA Practice ) (3577 Points)
Replied 24 March 2017

Deduction us 80C is available on payment basis. You can claim deduction for both the years.

VENGADESH PRABHU (5 Points)
Replied 24 March 2017

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

Studentsca (CA Practice ) (3577 Points)
Replied 24 March 2017

Ask them on the basis of which they are claiming this??

Studentsca (CA Practice ) (3577 Points)
Replied 24 March 2017

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.

CA Dinesh Jangid (Professional) (24 Points)
Replied 25 March 2017

Deductions have to be claimed on payment basis

Dinesh Singh (Expert) (47 Points)
Replied 25 March 2017

I agree with CA Dinesh Jangid and this is only the rule where anyone is applicable to claim deduction u/s 80C.

RAHIL (ACCOUNTANCY) (247 Points)
Replied 26 March 2017

Deduction is available on the payment basis irrespective for which year that premium relates.

john (MBA) (78 Points)
Replied 27 March 2017

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 ?

Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

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.

varsha naik (Chartered Accountant) (303 Points)
Replied 27 March 2017

Deduction of LIC is available on payment basis

raja bethapudi (guntur) (67 Points)
Replied 27 March 2017

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.