Deduction us 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 January 2014 late fee paid in addition to premium payable
'eliigible for deduction us 80c ?. as late payment fee is paid to keep in force an insurence

15 January 2014 no...it is not allowed...late payment fees is the penalty you pay...the premium paid keeps the insurance in force..

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 January 2014 i think it is allowable

16 January 2014 no it is not...penalties are not allowed as deductions..

16 January 2014 just some more opinions:

https://www.caclubindia.com/experts/late-fee-of-lic-eligible-u-s-80c-or-not-1185684.asp#.Utb7AfuBfz8

https://taxmantra.com/tax-planning-with-deductions-under-section-80c-of-the-income-tax-act.html/


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Querist : Anonymous

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Querist : Anonymous (Querist)
16 January 2014 thanks for providing valuable information


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