Deduction for LIC

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Life is a Race.....CA FINAL (Querist)
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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.

Sohil Ganeriwala

Sohil Ganeriwala (Expert)
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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

CMA Ramesh Krishnan (Expert)
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24 February 2010 Actual payment of premium only allowed under 80C

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