Deduction for LIC
This query is : Resolved
24 February 2010
Respected Experts,
An individual has filled a return. In which I saw deduction of LIC which is on his own name and his spouce worth Rs. 50000 U/S 80C.
But it has been found that he has not done the payment for such LIC. So how he can take the benefit for the same as payment hs not been made.
Plz explain.
An individual has filled a return. In which I saw deduction of LIC which is on his own name and his spouce worth Rs. 50000 U/S 80C.
But it has been found that he has not done the payment for such LIC. So how he can take the benefit for the same as payment hs not been made.
Plz explain.
Sohil Ganeriwala
(Expert)
24 February 2010
Deductions claimed u/s 80C is on actual payment basis, hence the assesee is not right in claiming the deduction of Rs.50,000/-, to rectify the error he is required to file the revise return and to pay the tax on the same along with interest.
CMA Ramesh Krishnan
(Expert)
24 February 2010
Actual payment of premium only allowed under 80C
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