LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Lic premium

t v nagender (pensioner ) (28 Points)

31 May 2016

Sir My employer has deducted ₹52000 towards lic based on my declaration. Subsequently i have paid another premium of ₹ 54000. This was not taken into account by the employer because it was after the last date. In form 16 also only ₹52000 was deducted under80c. Pl tell me where to show the second premium amount of ₹54000 in efiling and claim refund.Pl help and guide me where to add this addl premium amount.in the itr form Thanks Nagender 8197429477

Reply
Follow
Share

4 Replies

Ajit Hegde (CA - Final) (1367 Points)
Replied 01 June 2016

While filing the return, show the actual payment made towards lic i.e rs. 108,000. refund will be automatically calculated.

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 01 June 2016

correct, you can claim deduction while filling your income tax return.

CA.Vinita Gupta (Deputy Manager- Finance) (2918 Points)
Replied 01 June 2016

Sir Please show it u/s 80C the full amount Rs.52000+Rs.54000= Rs. 104000/-

Rajagopal K (Taxation Manager) (108 Points)
Replied 01 June 2016

Dear Sir,

While Filing your Income Tax Return you can claim the full amount of Rs.52000 + Rs.54000 = Rs.104000/- [subject to the following] as deduction under section 80 C of the Income Tax Act.

Life Insurance Premium - Maximum Premium for the policy issued on or after 01.04.2012 : 10% of Actual Capital Sum Assured. on or after 01.04.2013: 15% for persons covered u/s 80U/80DDB.

Also you can claim any investment/ payments/ loan repayment under secion 80C upto Maximum Decution u/s 80C is Rs.150000/- in your Return of Income whether it is considered by your employer in the Form 16 or not.