80C
This query is : Resolved
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?
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?
15 April 2009
To claim deduction in A.Y 2009-10 premium should be paid on and from 1/4/2009.
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.
so in case of premium paid in P. y. 2009-10 , deduction shall be allowed in A.Y. 2010-11.
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 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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- FORM 26A APPLICABILITY
- Annual return in Gst
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
