Deduction under 80 c
This query is : Resolved
15 March 2013
one of the client is having lapsed life insurance policy for the last 5 years. He is doing business, now he earned the money and he comes under income tax for the FY2012-13. Can he makes the payment to life insurance totally for 5 years and get the deduction of whole amount of Rs.50,000/- (yearly Rs.10,000/- premium) in ITR for this financial year.
Please give us your opinion.
Please give us your opinion.
15 March 2013
Yes he can. Deduction is available in respect of Financial Year in which payment is made. So if payment made in this year you will get deduction of the entire amount of Rs 50000/-
Message likes :
1 times
15 March 2013
Yes, I agree with Mr Sanjay
16 March 2013
YES YOU CAN CLAIM ENTIRE DEDUCTION SUBJECT TO LIMIT OF RS 1 LAKH U/S 80C
Message likes :
1 times
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
- House Property Reporting in ITR
- Sales amount in Gstr1
- Supply through E-commerce Operators
- TDS Claim year
- Relief u/s Section 89
- TDS Challan Code
- Rent lease agreement
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
