banner_ad

About deduction in 80c

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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
Profile Image

harleen batra

Profile Image

harleen batra (Expert)
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.
Profile Image

CA Prashant Gupta

Profile Image

CA Prashant Gupta (Expert)
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.
Profile Image

harleen batra

Profile Image

harleen batra (Expert)
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


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
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

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

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details