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
- About TDS & Income Tax
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Capital Gains on sale of residential flat
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
