Lic premium paid - deduction to be allowed

Tharun Bondugula (Student) (35 Points)

28 August 2014  

If a person has paid an LIC premium in March'13 of a Financial year but the cheque has been cleared in bank account in next month i.e., April'13 which falls in next Fin Year , is the LIC premium paid allowed as deduction for FY 2012-13 or not???

 

Thanks in advance