About deduction in 80c
This query is : Resolved
21 February 2013
sir,
if any lic premium paid in respect of previous year in current year with intrst then whether both will be allow for deduction or not in current year income
if any lic premium paid in respect of previous year in current year with intrst then whether both will be allow for deduction or not in current year income
21 February 2013
Premiun paid in respect of current year and previous year both will be allowed u/s 80C in the A/Y following the previous year in which payment is made. But interest component for late payment of premium will not be allowed.
Message likes :
2 times
21 February 2013
LIC is allowed on payment basis.
so premium will be allowed if paid in current year.
but interest will not be allowed
but one thing must to see- LIC premium is allowed till 20% on insured value. so check whether previous year and current year premium amount don't exceed this.
so premium will be allowed if paid in current year.
but interest will not be allowed
but one thing must to see- LIC premium is allowed till 20% on insured value. so check whether previous year and current year premium amount don't exceed this.
Message likes :
1 times
22 February 2013
Yes, As per sec 80C(3) limit is 20% on insured value.
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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Journal entry of busniess expenses
- TDS AND ITR ISSUE
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- FCRA 6 E- Intimation
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
