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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2014
Premium paid to LIC for the owner of a sole proprietor concern can be debited to p&L A\c?
05 June 2014
Yes, it can be debited. However, income tax act d, subject to other conditions of 80Coes not consider it to be allowable expenditure through profit and loss account. It can be claimed through 80C
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