Deduction u/s 80C
This query is : Resolved
05 May 2009
Whether Life Insurance Premium paid in cash is allowed u/s 80C ? If not then where it is provided in Act or any other pronouncement??
CA Suresh Choudhary
(Expert)
05 May 2009
The deduction under section 80C is allowed on payment basis whether it is cash or cheque.
As you might be knowing in ITR form the receipt of LIP is not required to attached unlike earlier.
If the officer ask for recipt on scrutiny he can get the recipt from LIC.
As you might be knowing in ITR form the receipt of LIP is not required to attached unlike earlier.
If the officer ask for recipt on scrutiny he can get the recipt from LIC.
Vipul J. Bhavsar
(Expert)
05 May 2009
Premium paid in cash is allowed U/s 80 C
Manmohan ACA, CS
(Expert)
05 May 2009
LIC Premium paid in cash is allowed
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