banner_ad

80C

This query is : Resolved 
Profile Image

Profile Image

(Querist)
15 April 2009 LIC policy on life of assessee - 80C deduction is allowed only on payment of premium. For P.Yr - 08 - 09 last premium, say 4th quarter (jan 09)is paid only after mar 31st 2009. can he claim deduction for A Yr 09 - 10, as it is stated in the section that the amount need not be paid out of income chargeable to tax?
In brief : To claim deduction for A Yr 09 - 10 should the payment of premium (Pertaining to premium due on Jan 09) be before Mar 31st 2009?
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
15 April 2009 To claim deduction in A.Y 2009-10 premium should be paid on and from 1/4/2009.
Profile Image

Manmohan ACA, CS

Profile Image

Manmohan ACA, CS (Expert)
15 April 2009 deduction for LIC premium u/s 80C is allowed only on actual payment.
so in case of premium paid in P. y. 2009-10 , deduction shall be allowed in A.Y. 2010-11.
Profile Image

CA Pramit Mishra

Profile Image

CA Pramit Mishra (Expert)
15 April 2009 yaa! prasanna,
You can get deduction u/s 80C only if payment is made on or before 31st march of the previous year
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details